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1.—(1) This Order may be cited as the Transfer of Functions (Secretary of State and Treasury) Order 1986.
(2) In this Order—
“the 1981 Act” means
“the 1984 Act” means
(3) In this Order, unless the contrary intention appears, expressions which are also used in Part V of the 1984 Act have the same meanings as in that Part.
(4) This Order comes into operation on 29th January 1987.
2.—(1) There are hereby transferred to the Secretary of State, so as to be exercisable concurrently with the Treasury and with their consent, the following functions of the Treasury, namely—
(a)functions under section 79(2) of the 1981 Act; and
(b)functions exercisable in relation to any telecommunication securities which are for the time being held by the Treasury or a nominee of theirs.
(2) There are hereby transferred to the Treasury, so as to be exercisable concurrently with the Secretary of State, the following functions of the Secretary of State, namely—
(a)functions under section 63, 64(2) or 65(4) of the 1984 Act or under section 64(1) of that Act so far as relating to the appointment of nominees, or to nominees appointed, for the purposes of the said section 63;
(b)functions exercisable in relation to any telecommunication securities which are for the time being held by the Secretary of State or a nominee of his;
(c)functions exercisable in relation to any loan stock of British Telecommunications plc which is for the time being held by British Telecommunications; and
(d)without prejudice to the generality of paragraphs (b) and (c) above, functions under the instruments listed in Schedule 1 to this Order.
(3) In this Article “telecommunication securities” means
3.—(1) The provisions of Schedule 2 to this Order shall have effect for the purpose of making consequential amendments in the enactments and instrument there mentioned or otherwise adapting them to the provisions of this Order.
(2) The instruments listed in Schedule 1 to this Order shall have effect as if any reference to the Secretary of State or a nominee of his included a reference to the Treasury or, as the case may be, a nominee of theirs.
(3) Subject to the express amendments made by the foregoing provisions of this Article, any enactment or instrument passed or made before the coming into operation of this Order shall, so far as may be necessary for the purpose or in consequence of the transfers effected by this Order, have effect as if—
(a)any reference to the Secretary of State or a nominee of his included a reference to the Treasury or, as the case may be, a nominee of theirs; and
(b)any reference to the Treasury or a nominee of theirs included a reference to the Secretary of State or, as the case may be, a nominee of his.
G.I. de Deney
Clerk of the Privy Council
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