The Board shall have power to form, or take part in forming, companies—
for the purposes of the Board's business;
for the purpose of facilitating the disposal of—
the whole or any part of the undertaking, or any property, rights or liabilities, of the Board or of any wholly owned subsidiary of the Board; or
without prejudice to the generality of sub-paragraph (i) above, any securities of any subsidiary of the Board;
for the purpose of facilitating the performance by the Franchising Director of his functions under sections 23 to 36 above;
for such other purposes as may be specified by the Secretary of State in a direction to the Board.
The Secretary of State may, after consultation with the Board, direct the Board to exercise any power conferred by paragraph (a), (b), (c) or (d) of subsection (1) above; and, if he so directs, he may also give the Board directions with respect to—
the nature and objects of the company which is to be formed;
the manner in which, and time within which, it is to be formed.
The Board shall not exercise any power conferred by subsection (1) above, except—
in the case of the power conferred by paragraph (a), with the consent of, or pursuant to a direction given under subsection (2) above by, the Secretary of State; or
in any other case, pursuant to such a direction.
Each of the powers conferred on the Board by this section—
is in addition to, and not in derogation from, any other powers of the Board; and
relates only to the capacity of the Board as a statutory corporation;
and nothing in this section shall be construed as authorising the disregard by the Board of any enactment or rule of law.