Section 63 Government investment in securities of the successor company.C1

United Kingdom

(1)

F1F2The Treasury or, with the consent of the Treasury, the Secretary of State may at any time, 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 F3the Treasury or the Secretary of State in consequence of the provisions of this section shall be paid out of money provided by Parliament.

(4)

Any dividends or other sums received by F4the Treasury or 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.

(5)

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: S. 63(1)-(4) repealed (25.7.2003 for specified purposes, 29.12.2003 otherwise) by Communications Act 2003 (c. 21), ss. 398(2)(d), 406, 408, 411, Sch. 19(1) (with Sch. 18, Sch. 19(1) Notes 1, 2); S.I. 2003/1900, arts. 1(2), 2(1), 3(1), Sch. 1 (with art. 3(2) (as amended (8.12.2003) by S.I. 2003/3142, art. 1(3))); S.I. 2003/3142, art. 3, Sch. 1 (with art. 11)
F2: Words substituted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 3(1)
F3: Words inserted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 3(2)
F4: Words inserted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 3(3)
F5: S. 63(5) repealed by Finance Act 1988 (c. 39, SIF 114), s. 148, Sch. 14 Pt. XI

Modifications

C1: Certain functions transferred by S.I. 1986/2237, arts. 2(2)(a), 3(3)