House of Lords portcullis
House of Lords
Session 1998-99
Publications on the internet
Other Bills before Parliament
Amendments to the Commonwealth Development Corporation Bill

Commonwealth Development Corporation Bill -
Amendments to be debated in the House of Lords

Here you can browse the Amendments to the Commonwealth Development Corporation Bill to be moved in Grand Committee in the House of Lords.

  
Before Clause 16
 
  
BY THE BARONESS RAWLINGS
 
     Insert the following new Clause-- 
     ("  .  No securities in the Corporation shall be issued until the Secretary of State has commissioned from a leading firm of consultants a comprehensive review of the Corporation's overheads, working practices and main office records of efficiency measures to maximise private sector investment potential.")Review of Corporation's overheads, etc.
  
Clause 16
 
  
BY THE BARONESS RAWLINGS
 
     Page 8, line 6, at end insert--
 
    ("(7)  No securities shall be issued to any third parties unless--
    (a)  the proposed balance sheet of the Corporation, as at the date of issue of the said securities, has been laid before Parliament; and
    (b) a motion in favour of the issue of such securities has been approved by each House.")
 
  
Clause 17
 
  
BY THE BARONESS RAWLINGS
 
     Page 8, line 11, at end insert--
 
    ("&#M10;&#M10;(  ) The Secretary of State shall seek to attract private sector investment in the Corporation by the issuing of securities at market value not less than two years after the day on which this Act is passed.")
 
     Page 8, line 13, at end insert--
 
    ("(3) No securities in the Corporation shall be issued until a memorandum setting out how the proceeds of any such issue shall be treated by the Treasury has been laid before Parliament and a motion to approve it has been agreed to by resolution of each House.")
 
  
Clause 18
 
  
BY THE BARONESS RAWLINGS
 
     Page 8, line 15, leave out ("25") and insert ("5") 
  
After Clause 26
 
  
BY THE BARONESS RAWLINGS
 
     Insert the following new Clause-- 
     ("  .  This Act shall not come into force until the investment policy of the Corporation has been approved by resolution of each House of Parliament.")Commencement (No. 2).
  
Clause 27
 
  
BY THE BARONESS RAWLINGS
 
     Page 11, line 23, at end insert--
 
    ("(3)  This Act shall not come into force until the Secretary of State has laid before both Houses of Parliament a statement that either--
    (a) the purchase of securities in the Corporation or other private sector investment shall be treated no less favourably for taxation purposes within the United Kingdom than a pension fund; or
    (b) the Corporation shall be permitted to hold investment funds outside the United Kingdom (on an off-shore basis) to maximise potential private sector investment.")
 
 
House of Lords home page Parliament home page House of Commons home page search page enquiries

© Parliamentary copyright 1998
Prepared 18 December 1998