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Postal Services Bill [HL]

Clause 1: Post Office companies to be owned in their entirety by the Crown 1: Clause 1, leave out Clause 1 and insert the following new Clause— "Transfer of property etc. (1) On such day as the Secretary of State may by order appoint, all the property, rights and liabilities to which the original holding company was entitled or subject immediately before that day shall be transferred so as to become by virtue of this section property, rights and liabilities of a company nominated for the purposes of this section by order of the Secretary of State. (2) The Secretary of State may nominate for the purposes of this section any company formed under the Companies Act 2006 (c. 46) which is a company limited by guarantee with no share capital. (3) The company shall at all times continue to be a company limited by guarantee with no share capital. (4) An order nominating a company for the purpose of this section shall contain such provisions as to the appointment of directors, and their terms of office, and members of the company as the Secretary of State may consider appropriate. (5) In this section— (a) "the appointed day" means the day appointed under this section, (b) "the original holding company" means the company that was nominated under section 62 of the Postal Services Act 2000 (c. 26) (transfer of property etc to nominated company), and (c) "the Post Office company" means the company nominated for the purposes of this section."