1985 c. 6.

http://www.legislation.gov.uk/ukpga/1994/21/schedule/3/crossheading/initial-government-holding-in-companies/1994-10-31Coal Industry Act 1994An Act to provide for the establishment and functions of a body to be known as the Coal Authority; to provide for the restructuring of the coal industry, for transfers of the property, rights and liabilities of the British Coal Corporation and its wholly-owned subsidiaries to other persons and for the dissolution of that Corporation; to abolish the Domestic Coal Consumers’ Council; to make provision for the licensing of coal-mining operations and provision otherwise in relation to the carrying on of such operations; to amend the Coal Mining Subsidence Act 1991 and the Opencast Coal Act 1958; and for connected purposes.1994-07-05texttext/xmlenStatute Law Database2021-06-101994-10-31 SCHEDULESSCHEDULE 3 Financial structure of successor companies Initial Government holding in companies2(1)

As a consequence of the vesting in a relevant successor company, at a time when it is wholly owned by the Crown and in accordance with any restructuring scheme, of any property, rights and liabilities, that company shall issue such securities of the company as the Secretary of State may from time to time direct—

(a)

to the Treasury or the Secretary of State; or

(b)

to any person entitled to require the issue of the securities following their initial allotment, in accordance with directions of the Secretary of State, to the Treasury or the Secretary of State.

(2)

The Secretary of State shall not give a direction under sub-paragraph (1) above at a time when the relevant successor company in question has ceased to be wholly owned by the Crown.

(3)

Securities to be issued in pursuance of this paragraph shall be issued at such time or times, and (subject to sub-paragraph (4) below) on such terms, as the Secretary of State may direct.

(4)

Any shares of a relevant successor company issued in pursuance of this paragraph—

(a)

shall be of such nominal value as the Secretary of State may direct; and

(b)

shall be issued as fully paid and treated for the purposes of the Companies Act 1985 as if they had been paid up by virtue of the payment to the company of their nominal value in cash.

(5)

The Secretary of State may not exercise any power conferred on him by this paragraph, or dispose of any securities issued or of any rights to securities initially allotted to him in pursuance of this paragraph, without the consent of the Treasury.

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<heading> Initial Government holding in companies</heading>
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