Part IV Reorganisation of the Post Office
The Post Office company etc: government holdings
63F1 Power to direct issue of certain securities etc
1
This section applies to—
a
a Post Office company,
b
a Royal Mail company, or
c
a company in the same group as a company within paragraph (a) or (b),
that is wholly owned by the Crown.
2
The Secretary of State may direct a company to which this section applies to issue securities to—
a
the Secretary of State or the Treasury (or to a nominee of either of them), or
b
a parent company that is wholly owned by the Crown.
3
A direction must specify—
a
the kind and amount of securities to be issued,
b
the terms of issue, and
c
the date at or by which the securities must be issued.
4
Any shares issued in pursuance of a direction under this section are to be—
a
issued as fully paid, and
b
treated for the purposes of the Companies Acts as if they had been paid up by virtue of payment of their nominal value in cash.
5
A direction under this section may be given only with the consent of the Treasury.
6
Before giving a direction under this section, the Secretary of State must consult—
a
the company to whom the direction is to be given, and
b
if the company has a parent company, its parent company (or, if it has more than one parent company, the parent company that does not itself have a parent company).