Section 3 Initial Government holding in the successor company.

As a consequence of the vesting in the successor company by virtue of section 1 of property, rights and liabilities of the Crown Agents, the successor company shall issue to the Secretary of State such securities of the company as he may from time to time direct.

The Secretary of State shall not give a direction under subsection (1) after the successor company has ceased to be wholly owned by the Crown.

Securities to be issued in pursuance of this section shall be issued at such time or times, and on such terms, as the Secretary of State may direct.

Any shares issued in pursuance of this section shall be of such nominal value as the Secretary of State may direct.

The Secretary of State may not exercise any power conferred on him by this section or dispose of, for consideration or otherwise, any securities issued to him in pursuance of this section, without the consent of the Treasury.

Any dividends or other sums received by the Secretary of State in right of, or on the disposal of, any securities acquired by virtue of this section shall be paid into the Consolidated Fund.