Section 5: Report on a transfer of an interest in a Post Office company to a relevant mutual
50.Section 5 requires the Secretary of State, before making any order directing or approving the disposal of the Crown’s interest in a Post Office company to a relevant mutual, whether by the issue or transfer of shares or share rights, to lay a report before Parliament on the issue or transfer in question.
51.Subsection (3) sets out requirements as to the content of the report. A report must give details of the proposed issue or transfer, including the expected time-scale for the issue or transfer. It must also name the body to which shares or share rights are to be issued or transferred. Finally it must explain how that body satisfies the conditions for being a relevant mutual set out in section 7.