60
Telecommunications Act 1984
c. 12
PART
V
to require the issue of the deben.
tures following their initial allotment to the Secretary of
State.
(b) to any person entitled
(3) The Secretary of State shall not make an order or give
a direction under this section at a time when the successor company has ceased to be wholly owned by the Crown.
(4) Except as may be agreed between the Secretary of State
and the successor company(a) the aggregate of the principal sums payable under deben.
tures issued in pursuance of this section shall be equal
to the aggregate of the sums the liability to repay
which is extinguished by the order ; and
(b) the terms as to the payment of the principal sums so
payable, and as to the payment of interest thereon, shall
be the same as the corresponding terms of the transferred loans specified in the order.
(5) For the purposes of subsection (4) above any express or
implied terms of a transferred loan shall be disregarded in so far
as they relate to the early discharge of liabilities to make repayments of principal and payments of interest.
(6) Subsection (3) and subsections (5) to (7) of section 61
above shall apply for the purposes of this section as they apply
for the purposes of that section.
1981 c. 35.
(7) For the avoidance of doubt it is hereby declared that the
principal sums payable under debentures issued in pursuance of
this section are to be regarded as money lent for the purposes.
of subsection (10) of section 48 of the Finance Act 1981 (writeoff of government investment : restriction of tax losses).
(8) In this section " transferred loan " means any sum borrowed or treated as borrowed by British Telecommunications the
liability to repay which vests in the successor company by virtue
of section 60 above.
Government
investment in
securities of
the successor
company.
63.-(1) The Secretary of State may at any time, with the
consent of the Treasury, acquire(a) securities of the successor company or of any subsidiary
of the successor company ; or
(b) rights to subscribe for any such securities.
(2) The Secretary of State may not dispose of any securities
or rights acquired under this section without the consent of the
Treasury.
(3)
Any expenses incurred by the Secretary of State in conof the provisions of this section shall be paid out of
sequence
money provided by Parliament.