Part V Transfer of Undertaking of British Telecommunications

Vesting of property etc. of British Telecommunications in a company nominated by the Secretary of State

C163 Government investment in securities of the successor company.

1

F1F2The Treasury or, with the consent of the Treasury, the Secretary of State may at any time, acquire—

a

securities of the successor company or of any subsidiary of the successor company; or

b

rights to subscribe for any such securities.

2

F1The Secretary of State may not dispose of any securities or rights acquired under this section without the consent of the Treasury.

3

F1Any expenses incurred by F3the Treasury or the Secretary of State in consequence of the provisions of this section shall be paid out of money provided by Parliament.

4

F1Any dividends or other sums received by F4the Treasury or the Secretary of State in right of, or on the disposal of, any securities or rights acquired under this section shall be paid into the Consolidated Fund.

5

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .