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Shares of the Permanent Company held by the Minister for Finance or his nominees.
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15.—(1) Every, share of the Permanent Company which is required by the Scheduled Agreement to be allotted or transferred to the Minister for Finance or his nominees shall be allotted or transferred either, as the said Minister shall direct, to the said Minister or to a person (in this section referred to as a nominee) nominated in that behalf by the said Minister, and different persons may be so nominated in respect of different such shares.
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(2) The following provisions shall apply and have effect in respect of all shares of the Permanent Company which are for the time being standing in the name of the Minister for Finance, that is to say:—
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(a) it shall be lawful for the Minister for Finance to do all or any of the following things in respect of such shares, that is to say:—
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(i) to hold all or any of such shares for so long as he shall think fit,
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(ii) to transfer all or any of such shares to a person (in this section also referred to as a nominee) selected by the said Minister to hold as his nominee the shares so transferred,
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(iii) to sell all or any of such shares;
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(b) save as is otherwise provided by this section, it shall be lawful for the said Minister to exercise, in respect of such shares, all or any of the rights and powers from time to time exercisable by the holder of such shares, and, where such rights or powers are exercisable by attorney, to exercise such rights or powers, whenever he so thinks fit, by his attorney;
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(c) all dividends and other moneys received by the said Minister in respect of such shares and also the net proceeds of all such shares sold by him shall be paid into the Exchequer.
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(3) The following provisions shall apply and have effect in respect of all shares of the Permanent Company which are for the time being standing in the name of a nominee for the Minister for Finance, that is to say:—
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(a) every such nominee shall hold upon trust for the said Minister all shares of the Permanent Company for the time being vested in him as such nominee and shall dispose of such shares in such manner as the said Minister shall from time to time direct in writing;
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(b) every such direction by the said Minister shall be a good and lawful authority and discharge to the nominee to whom it is given for everything done by him in accordance therewith, and such nominee shall not be entitled or concerned to inquire whether such direction was or was not lawfully given;
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(c) it shall be lawful for the said Minister to direct a nominee to sell all or any of the shares of the Permanent Company for the time being vested in him as such nominee;
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(d) it shall be lawful for the said Minister to direct a nominee to transfer all or any of the shares of the Permanent Company for the time being vested in him as such nominee either (as shall be specified in such direction) to the said Minister or to a person (in this section also referred to as a nominee) selected by the said Minister to hold such shares as his nominee;
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(e) every nominee shall, in the exercise of the rights and powers exercisable in respect of the shares of the Permanent Company for the time being vested in him as such nominee, act in all respects in accordance with the directions of the said Minister;
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(f) every nominee shall pay into the Exchequer in such manner as the said Minister shall direct, all dividends and other moneys received by him in respect of shares of the Permanent Company for the time being vested in him as such nominee, and also the net proceeds of the sale by him of any such shares.
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(4) This section shall apply to the personal representative of a deceased nominee in like manner as it applies to a living nominee, and accordingly the word “nominee” shall in this section be construed (wherever the context so admits) as including the personal representative of a deceased nominee.
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