(1)A company is wholly owned by the Crown for the purposes of this Act at any time when all its shares are held by the Crown.
(2)For the purposes of this Act shares are held by the Crown if they are held—
(a)by a Minister of the Crown or his nominee, or
(b)by a company of which all the shares are held by the Crown.
(3)The reference to a company in subsection (1) includes a reference to the Corporation on and after registration.
(4)A company is associated with the Corporation for the purposes of this Act if—
(a)it is designated for the purposes of this subsection by an order of the Secretary of State made by statutory instrument, and
(b)it is wholly owned by the Crown.
(5)The Secretary of State may designate a company for the purposes of this subsection by order made by statutory instrument; and a company which has at any time been designated for the purposes of this subsection may not be designated for the purposes of subsection (4).