5 Control by appropriate Minister over exercise of authority’s functions under sections 3 and 4.E+W+S
(1)The authority shall not—
(a)exercise any power conferred on them by section 3 above; or
(b)make any provision for the disposal of any securities or rights in pursuance of their duty under section 4(3) above;
without the consent of the appropriate Minister.
(2)The appropriate Minister may from time to time give to the authority directions requiring them—
(a)to exercise any such power in a specified manner; or
(b)to make in pursuance of that duty provision of any specified description.
(3)In exercising his powers under subsection (2) above the appropriate Minister shall have particular regard to the desirability of encouraging the disposal of the whole or a substantial part of the equity share capital of the successor company to—
(a)managers or other persons employed by the company; or
(b)another company the whole or a substantial part of whose equity share capital is owned by managers or other persons so employed.
(4)In this section “specified” means specified in directions given by the appropriate Minister under this section.