96.Section 65 prevents shares or share rights in the Post Office company or any relevant subsidiary being issued to anyone other than the Treasury and the Secretary of State (or any nominee of either of them), unless approval has been given by Parliament under the procedure set out in section 67 to dispose of shares to a named third party. Subsection (2)(b) also permits shares or share rights in relevant subsidiaries being issued to the Post Office company or another relevant subsidiary of which the subsidiary concerned is itself a subsidiary.
Commentary on Sections Part IV Reorganisation of the Post Office Section 65: Restriction on issue of shares to third parties