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).