Section 67: Approved disposals
99.Section 67 sets out the procedure to be followed in order to obtain the approval of Parliament to make share issues or disposals of shares or share rights which would otherwise be prohibited by sections 65 and 66.
100.Subsection (2) specifies the minimum information to be contained in a motion to be presented for the approval of both Houses.
101.Subsection (3) sets out the conditions that must be met before a motion relating to the disposal of shares or share rights in the Post Office company may be moved, notably that the company has agreed to take part in a joint venture or other partnership which it considers to be in its commercial interests, which involves the issue or disposal of shares or share rights in the Post Office company. In addition the motion may not be moved unless the Post Office company has recommended to the Secretary of State that the disposal takes place, the Secretary of State is satisfied that the issue or disposal secures the proposed arrangement and that it is in the commercial interests of the company; and the Treasury has given consent to the proposed issue or disposal.
102.Subsection (4) sets out the pre-conditions to be met before moving a motion relating to issue or disposal of shares or share rights in a relevant subsidiary (as defined in section 63) in order to enable the Post Office company or a relevant subsidiary to take part in a joint venture or other partnership. The pre-conditions are generally similar to those set out in subsection (3).
