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(1)The Secretary of State may with the Treasury’s consent appoint such person or persons as he thinks fit to act as his nominees for all or any of the following purposes:—
(a)the purpose of taking up securities to be issued to the Secretary of State under any provision made by virtue of section 1(2);
(b)the purpose of acquiring securities or rights under section 5;
(c)the purpose of holding securities issued (to whatever person) under any provision made by virtue of section 1(2);
(d)the purpose of holding securities or rights acquired (by whatever person) under section 5.
(2)An appointment under subsection (1) may be made in respect of particular issues, acquisitions, securities or rights (as the case may be) or in respect of issues, acquisitions, securities or rights generally.
(3)Securities of any company to be issued to the Secretary of State under any provision made by virtue of section 1(2) may be issued to any nominee appointed by the Secretary of State under subsection (1)(a), or to any person entitled to require the issue of the securities following their initial allotment to any such nominee, in accordance with directions given from time to time by the Secretary of State with the Treasury’s consent.
(4)Any nominee appointed under subsection (1)(b) may acquire securities or rights as mentioned in section 5 in accordance with directions given from time to time by the Secretary of State with the Treasury’s consent.
(5)Any person holding any securities or rights as a nominee of the Secretary of State by virtue of subsection (1)(c) or (d) 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 Treasury’s consent.
(6)Nothing in this section prejudices any power of the Secretary of State to appoint nominees apart from this section.
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