Telecommunications Act 1984
c. 12
(4) Any dividends or other sums received by the Secretary of
State in right of, or on the disposal of, any securities or rights
acquired under this section shall be paid into the Consolidated
Fund.
61
PART
(5) 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-(a) is effected by the issue of shares allotted at a time when
the successor company was wholly owned by the
Crown ; and
(b) is certified by the Treasury as having been effected by
the issue of shares subscribed for by the Secretary of
State under subsection (1)(a) above.
C.
v
51.
64.-(1) The Secretary of State may with the consent of the Exercise of
`Treasury appoint such person or persons as he thinks fit to act Secretary of
as his nominees for the purposes of section 61, 62 or 63 above ; State's
functions
andthrough
(a) securities of the successor company may be issued under nominees.
section 61 or 62 above to any nominee of the Secretary
of State appointed for the purposes of that section or
to any person entitled to require the issue of the securities following their initial allotment to any such
nominee ; and
(b) any such nominee appointed for the purposes of section
63 above may acquire securities or rights in accordance
with that section,
in accordance with directions given from time to time by the
,Secretary of State with the consent of the Treasury.
(2) Any person holding any securities or rights as a nominee
of the Secretary of State by virtue of subsection (1) above shall
hold and deal with them (or any of them) on such terms and in
such manner as the Secretary of State may direct with the consent of the Treasury.
65.-(1) As soon as the successor company ceases to be wholly
owned by the Crown, the Secretary of State shall by order fix
a target investment limit in relation to the shares for the time
beingg held in that company b Y the Secretary
Y of State or his
nominee by virtue of any provision of this Part (in this section
referred to as " the Government shareholding ").
(2) The target investment limit shall be expressed as a proportion of the voting rights which are exercisable in all circumstances at general meetings of the successor company (in this
,section referred to as " the ordinary voting rights ").
C2
Target
investment
limit for
Government
sharehoiding.