SCHEDULES
SCHEDULE 6Structure etc. of transferee companies
Exercise of functions through nominees
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1
The Treasury, a Minister of the Crown or either of the Authorities may appoint a person to act as a nominee of the Treasury, of that Minister or of that Authority—
a
in the case of the Treasury or such a Minister, for the purposes of paragraph 2 or 3; and
b
in the case of one of the Authorities, for the purposes of paragraph 2.
2
The consent of the Treasury is required for the appointment of a nominee by a Minister of the Crown.
3
The issue of securities under paragraph 2 to a nominee of the Treasury or of a Minister of the Crown must be in accordance with such directions (if any) as are given from time to time—
a
by the Treasury; or
b
with the consent of the Treasury, by the Minister.
4
The acquisition of securities or rights under paragraph 3 by a nominee of the Treasury or of a Minister of the Crown must be in accordance with such directions (if any) as are given from time to time—
a
by the Treasury; or
b
with the consent of the Treasury, by a Minister of the Crown.
5
A person who by virtue of paragraph 2 or 3 and this paragraph holds securities or rights as a nominee of the Treasury or of a Minister of the Crown must hold them and deal with them—
a
on such terms, and
b
in such manner,
as the Treasury or, with the consent of the Treasury, the Secretary of State may direct.