Postal Services Act 2011

7 For section 63 substitute—

“63 Power to direct issue of certain securities etc

(1) This section applies to—

(a) a Post Office company,

(b) a Royal Mail company, or

(c) a company in the same group as a company within paragraph (a) or (b),

that is wholly owned by the Crown.

(2) The Secretary of State may direct a company to which this section applies to issue securities to—

(a) the Secretary of State or the Treasury (or to a nominee of either of them), or

(b) a parent company that is wholly owned by the Crown.

(3) A direction must specify—

(a) the kind and amount of securities to be issued,

(b) the terms of issue, and

(c) the date at or by which the securities must be issued.

(4) Any shares issued in pursuance of a direction under this section are to be—

(a) issued as fully paid, and

(b) treated for the purposes of the Companies Acts as if they had been paid up by virtue of payment of their nominal value in cash.

(5) A direction under this section may be given only with the consent of the Treasury.

(6) Before giving a direction under this section, the Secretary of State must consult—

(a) the company to whom the direction is to be given, and

(b) if the company has a parent company, its parent company (or, if it has more than one parent company, the parent company that does not itself have a parent company).”