PART XREORGANISATION OF THE INDUSTRY
Ownership of the successor company
Initial Departmental holding in the successor company271
1
As a consequence of the vesting in the successor company of any assets and liabilities under Article 270, the company shall issue such securities of the company as the Department may direct to the Department.
2
The Department shall not give a direction under paragraph (1) at a time when the successor company has ceased to be wholly owned by the Crown.
3
Securities required to be issued under this Article shall be issued at such time or times and on such terms as the Department may direct.
4
Shares in the successor company which are issued under this Article—
a
shall be of such nominal value as the Department may direct; and
b
shall be issued as fully paid and treated for the purposes of F1the Companies Acts as if they had been paid up by virtue of the payment to the company of their nominal value in cash.
5
For the purposes of F2the Companies Acts F3. . . , the Insolvency (Northern Ireland) Order 1989 (NI 19) and the Company Directors Disqualification (Northern Ireland) Order 2002 (NI 4), the Crown is not to be treated as a shadow director of the successor company by reason that the company is wholly owned by the Crown or that the directors of that company are accustomed to act in accordance with the Crown's directions or instructions.
6
Paragraph (5) applies to any subsidiary or subsidiary undertaking of the successor company as it applies to the successor company.