Postal Services Bill - continued        House of Lords
PART IV, REORGANISATION OF THE POST OFFICE - continued
Supplementary provisions - continued

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Shadow directors.     80. - (1) For the purposes of the provisions of the Companies Act 1985 listed in subsection (2) neither the Treasury nor the Secretary of State shall be regarded as a shadow director of the Post Office company.
 
      (2) The provisions are-
 
 
    (a) section 288 (register of directors),
 
    (b) section 305 (directors' names on correspondence etc),
 
    (c) section 317 (disclosure of interests in contracts),
 
    (d) section 320 (transactions involving directors),
 
    (e) section 323 (prohibition on dealing in share options),
 
    (f) section 324 (disclosure of shareholdings),
 
    (g) section 325 (register of directors' interests), and
 
    (h) section 330 (restriction on loans).
Tax.     81. Schedule 4 (taxation provisions in relation to the transfer to the Post Office company) shall have effect.
 
Interpretation: Part IV.     82. - (1) In this Part-
 
 
    "the appointed day" has the meaning given by section 62(8),
 
    "debenture" includes debenture stock,
 
    "debt securities" has the meaning given by section 74(8),
 
    "the Post Office company" has the meaning given by section 62(8),
 
    "relevant subsidiary" has the meaning given by section 63(8),
 
    "securities", in relation to a company, includes shares, debt securities and other securities of the company, whether or not constituting a charge on the assets of the company, and the right to subscribe for, or to acquire, such securities and any other rights in connection with such securities,
 
    "share rights" means, in relation to any shares, rights to subscribe for, or to acquire, the shares and any other rights in connection with the shares,
 
    "shares" includes stock, and
 
    "wholly owned by the Crown" has the meaning given by section 62(7).
      (2) References in this Part to property, rights and liabilities of the Post Office are references to all such property, rights and liabilities, whether or not capable of being transferred or assigned by the Post Office.
 
      (3) It is hereby declared for the avoidance of doubt that-
 
 
    (a) any reference in this Part to property of the Post Office is a reference to property of the Post Office whether situated in the United Kingdom or elsewhere, and
 
    (b) any reference in this Part to rights or liabilities of the Post Office is a reference to rights to which the Post Office is entitled, or (as the case may be) liabilities to which it is subject, whether under the law of the United Kingdom or of any part of the United Kingdom or under the law of any country or territory outside the United Kingdom.
 
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