Telecommunications Act 1984
c. 12
(2) The Secretary of State shall not give a direction under
subsection (1) above at a time when the successor company
has ceased to be wholly owned by the Crown.
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PART V
(3) Securities required to be issued in pursuance of this section shall be issued or allotted at such time or times and on such
terms (as to allotment) as the Secretary of State may direct.
(4) Shares issued in pursuance of this section(a) shall be of such nominal value as the Secretary of State
may direct ; and
(b) shall be issued as fully paid and treated for the purposes
of the Companies Acts 1948 to 1981 as if they had been
paid up by virtue of the payment to the successor
company of their nominal value in cash.
(5) The Secretary of State may not exercise any power conferred on him by this section, or dispose of any securities issued
or of any rights to securities initially allotted to him in pursuance
of this section, without the consent of the Treasury.
(6) Any dividends or other sums received by the Secretary of
State in right of or on the disposal of any securities or rights
acquired by virtue of this section shall be paid into the Consolidated Fund.
(7) Stamp duty shall not be chargeable under section 47 of the
Finance Act 1973 in respect of any increase in the capital of 1973
the successor company which is effected by the issue of shares
allotted at a time when the successor company was wholly owned
by the Crown and is certified by the Treasury as having been(a) effected for the purpose of complying with the requirements of this section ; or
(b) where any convertible securities were issued in pursuance
of this section, effected in consequence of the exercise
of the conversion rights attached to those securities.
c. 51.
62.-(1) The Secretary of State may by order extinguish all Conversion
or any liabilities of the successor company to the Secretary of of certain
State in respect of the principal of such transferred loans as may loans
transferred
be specified in the order ; and the assets of the National Loans the
Fund shall accordingly be reduced by amounts corresponding company.
to any liabilities so extinguished.
(2) As a consequence of the extinguishment by an order under
subsection (1) above of any such liabilities, the successor company shall issue such debentures of the company as the Secretary of State may direct(a) to the Secretary of State ; or
C.
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