http://www.legislation.gov.uk/ukpga/1991/67/section/10Export and Investment Guarantees Act 1991An Act to make new provision as to the functions exercisable by the Secretary of State through the Export Credits Guarantee Department; and make provision as to the delegation of any such functions and the transfer of property, rights and liabilities attributable to the exercise of any such functions.1991-10-22texttext/xmlenStatute Law Database2026-06-08Expert Participation2026-05-18 Part II101In this section “vehicle company” means a company formed or acquired for the purpose of—abecoming a transferee, orbholding shares in a company formed or acquired for that purpose.2Subject to subsections (3) and (4) below, the Secretary of State may—asubscribe for or otherwise acquire shares in or securities of a vehicle company, or acquire rights to subscribe for such shares or securities,bby a direction given to a company formed or acquired for the purpose of becoming a transferee require it, in consequence of the transfer by virtue of a scheme under section 8 of this Act of property, rights or liabilities, to issue to him, or to such other person as may be specified in the direction, such shares or securities as may be so specified,cfrom time to time by a direction given to a vehicle company require it to issue to him, or to such other person as may be specified in the direction, such shares or securities as may be so specified, ordmake loans to a vehicle company on such terms and conditions as he may determine.3A direction under subsection (2)(b) or (c) above may require any shares to which it relates to be issued as fully or partly paid up.4The Secretary of State shall not—asubscribe for or otherwise acquire shares in or securities of a vehicle company, or acquire rights to subscribe for such shares or securities, unless all the relevant shares are to be held by or on behalf of the Crown, orbat any time give a direction or make a loan to a vehicle company unless all the relevant shares are then held by or on behalf of the Crown.5For the purposes of subsection (4) above—ashares are held by or on behalf of the Crown where the Crown or any person acting on behalf of the Crown has a legal interest in them; andb“relevant shares”, in relation to a vehicle company, means the issued shares of that company or, if it is a subsidiary of another vehicle company, the issued shares of that other company.6A scheme under section 8 of this Act may, as between any vehicle companies or as between a vehicle company and the Secretary of State, confer or impose rights and liabilities in connection with any of the matters as to which the Secretary of State may exercise his powers under this Act.7The Secretary of State shall not exercise any of the powers conferred by the preceding provisions of this section or dispose of any shares in or securities of a vehicle company without the consent of the Treasury.S. 10 wholly in force at 23.10.1991 see s. 15(6) and S.I. 1991/2430, art. 2Part II wholly in force at 23.10.1991 see s. 15(6) and S.I. 1991/2430 art. 2