Part V U.K. Transfer of Undertaking of British Telecommunications

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

64 Exercise of Secretary of State’s functions through nominees. U.K.

[F1 (1) The Secretary of State may with the consent of the Treasury appoint such person or persons as he thinks fit to act as his nominees for the purposes of section 61, 62 or 63 above [F2 and the Treasury may appoint such person or persons as they think fit to act as their nominees for the purposes of section 63 above]; and—

(a) securities of the successor company may be issued under section 61 or 62 above to any nominee of the Secretary of State appointed for the purposes of that section or to any person entitled to require the issue of the securities following their initial allotment to any such nominee; and

(b) any [F3 nominee of the Treasury or the Secretary of State] appointed for the purposes of section 63 above may acquire securities or rights in accordance with that section,

in accordance with directions given from time to time [F4 by the Treasury or] by the Secretary of State with the consent of the Treasury.

(2) Any person holding any securities or rights as a nominee of [F5 the Treasury or] the Secretary of State by virtue of subsection (1) above shall hold and deal with them (or any of them) on such terms and in such manner as [F6 the Treasury or the Secretary of State with the consent of the Treasury may direct].]

Textual Amendments

F1 Ss. 64-67 repealed (25.7.2003 for specified purposes, 29.12.2003 otherwise) by Communications Act 2003 (c. 21), ss. 398(2)(e), 406, 408, 411, Sch. 19(1) (with Sch. 18, Sch. 19(1) Note 1); S.I. 2003/1900, arts. 1(2), 2(1), 3(1), Sch. 1 (with art. 3(2) (as amended (8.12.2003) by S.I. 2003/3142, art. 1(3))); S.I. 2003/3142, art. 3, Sch. 1 (with art. 11)

F2 Words inserted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 4(1)

F3 Words substituted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 4(1)

F4 Words inserted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 4(1)

F5 Words inserted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 4(2)

F6 Words substituted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 4(2)

Modifications etc. (not altering text)

C1 Certain functions transferred by S.I. 1986/2237, arts. 2(2)(a), 3(3)