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Postal Services Act 2000

Changes over time for: Section 67

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Version Superseded: 20/12/2011

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Point in time view as at 06/11/2000. This version of this provision has been superseded. Help about Status

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67 Approved disposals.U.K.

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(1)Prior approval is given in accordance with this section if the proposed issue or disposal is approved by a resolution of each House of Parliament passed on a motion moved by or on behalf of the Secretary of State.

(2)The motion shall, in particular, specify—

(a)the size and nature of the proposed issue or disposal,

(b)the person to whom the proposed issue or disposal is to be made, and

(c)the purpose of the proposed issue or disposal.

(3)No such motion shall be moved by or on behalf of the Secretary of State in relation to a proposed issue or disposal of shares or share rights in the Post Office company unless—

(a)the Post Office company has agreed to be a party to a joint venture, or another arrangement for working together with another person, which the Post Office company considers to be in its commercial interests,

(b)the arrangement includes the proposed issue or disposal,

(c)the Post Office company has recommended to the Secretary of State that the proposed issue or disposal take place,

(d)the Secretary of State is satisfied that the proposed issue or disposal is for the purpose of securing the arrangement in question and that the arrangement is in the commercial interests of the Post Office company, and

(e)the Treasury have given their consent to the proposed issue or disposal.

(4)No such motion shall be moved by or on behalf of the Secretary of State in relation to a proposed issue or disposal of shares or share rights in a relevant subsidiary unless—

(a)the Post Office company or the relevant subsidiary has agreed to be a party to a joint venture, or another arrangement for working together with another person, which the Post Office company considers to be in the commercial interests of the Post Office company,

(b)the arrangement includes the proposed issue or disposal,

(c)the Post Office company has recommended to the Secretary of State that the proposed issue or disposal take place,

(d)the Secretary of State is satisfied that the proposed issue or disposal is for the purposes of securing the arrangement in question and that the arrangement is in the commercial interests of the Post Office company, and

(e)the Treasury have given their consent to the proposed issue or disposal.

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