Exercise of Departmental powers through nominees
274.—(1) The Department may, for the purposes of Article 271 or 272, appoint any person to act as the nominee, or one of the nominees, of the Department; and—
(a)securities of the successor company may be issued under Article 271 to any nominee of the Department appointed for the purposes of that Article; and
(b)any such nominee appointed for the purposes of Article 272 may acquire securities or rights under that Article,
in accordance with directions given by the Department.
(2) Any person holding any securities or rights as a nominee of the Department under paragraph (1) shall hold and deal with them (or any of them) on such terms and in such manner as the Department may direct.
(3) For the purposes of Article 273—
(a)any securities or rights held by a nominee of the Department shall be treated as held by the Department; and
(b)any disposal by a nominee of the Department shall be treated as a disposal by the Department.