PART III

Miscellaneous and General

Powers of Treasury to dispose etc. of the shares of Cable and Wireless Limited.
79
1
The Treasury after consultation with the Secretary of State may at any time dispose of their interest in all or any of the shares of Cable and Wireless Limited in consideration of such sums as the Treasury may fix; and after any such disposal section 1(1) of the Imperial Telegraphs Act 1938 and section 3(5) of the Cable and Wireless Act 1946 (which require the payment into the Exchequer of dividends paid on the said shares) shall not apply to dividends so paid in respect of the shares to which the disposal relates.
2
The Treasury after consultation with the Secretary of State or the Secretary of State with the consent of the Treasurymay at any time—
a
acquire an interest in any shares or stock of Cable and Wireless Limited or any of its subsidiaries or in any rights to subscribe for any such shares; and
b
dispose of an interest so acquired in consideration of such sum as the Treasury or the Secretary of State may fix.
3
Any sums required by the Treasury or the Secretary of State for making an acquisition under subsection (2) shall be paid out of moneys provided by Parliament; and any sums received by the Treasury or the Secretary of State in consideration of a disposal made under subsection (1) or (2), or by way of dividend or otherwise in right of any interest acquired by them or him under subsection (2), shall be paid into the Consolidated Fund.
1938 c. 57.
1946 c. 82.
Certain functions transferred by S.I. 1986/2237, arts. 2(1)(a), 3(3)
Words inserted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 1(1)
Words inserted by S.I. 1986/2237, art. 3(1), Sch. 2 para. 1(2)