This section applies to securities issued by or on behalf of the Treasury, here referred to as Treasury securities.
Any powers which relate to Treasury securities and which are conferred on the Treasury in a capacity other than issuer may be exercised by them, and no rule of law preventing a person contracting with himself shall prevent them exercising the powers.
The powers referred to in subsection (2) above include powers to acquire, hold and transfer securities and to make agreements with regard to them.
If Treasury securities are acquired under powers conferred on the Treasury, until they are transferred or redeemed they shall be treated as held by the persons for the time being constituting the Treasury.