Exercise of functions through nominees
4(1)The Treasury, a Minister of the Crown or either of the Authorities may appoint a person to act as a nominee of the Treasury, of that Minister or of that Authority—
(a)in the case of the Treasury or such a Minister, for the purposes of paragraph 2 or 3; and
(b)in the case of one of the Authorities, for the purposes of paragraph 2.
(2)The consent of the Treasury is required for the appointment of a nominee by a Minister of the Crown.
(3)The issue of securities under paragraph 2 to a nominee of the Treasury or of a Minister of the Crown must be in accordance with such directions (if any) as are given from time to time—
(a)by the Treasury; or
(b)with the consent of the Treasury, by the Minister.
(4)The acquisition of securities or rights under paragraph 3 by a nominee of the Treasury or of a Minister of the Crown must be in accordance with such directions (if any) as are given from time to time—
(a)by the Treasury; or
(b)with the consent of the Treasury, by a Minister of the Crown.
(5)A person who by virtue of paragraph 2 or 3 and this paragraph holds securities or rights as a nominee of the Treasury or of a Minister of the Crown must hold them and deal with them—
(a)on such terms, and
(b)in such manner,
as the Treasury or, with the consent of the Treasury, the Secretary of State may direct.