Commonwealth Development Corporation Bill [H.L.] - continued        House of Lords
Miscellaneous - continued

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House of Commons Disqualification, &c.     22. - (1) The entries relating to the Corporation in Part II of Schedule 1 to the House of Commons Disqualification Act 1975 and Part II of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (bodies of which all members are disqualified) shall cease to have effect on registration.
 
      (2) In Part III of Schedule 1 to each of those Acts (other disqualifying offices) there shall be added at the appropriate place-
 
 
 
    " Director of the Commonwealth Development Corporation nominated or appointed by the Secretary of State.".
      (3) Subsection (2) comes into force on registration.
 
Powers and duties of Corporation before registration.     23. - (1) The following shall be inserted after section 2(3) of the Commonwealth Development Corporation Act 1978 (powers)-
 
 
    "(3A) The Corporation shall have power to do anything which it considers necessary or expedient for the purposes of, or for purposes related to-
 
 
    (a) the provisions of the Commonwealth Development Corporation Act 1999,
 
    (b) the operation of the Corporation after registration, or
 
    (c) the listing, sale or issue of securities after registration by the Corporation or a company associated with it.
      (3B) Expressions used in subsection (3A) and in the 1999 Act have the same meaning in that subsection as in that Act.".
 
      (2) The following shall be added at the end of section 6 of the 1978 Act (annual report, information, &c.)-
 
 
    "(4) The Corporation shall so far as is reasonably practicable comply with any request from the Secretary of State to provide him with information or assistance for a purpose related to-
 
 
    (a) the exercise of any function of the Secretary of State or the Treasury under this Act or the Commonwealth Development Corporation Act 1999, or
 
    (b) the listing, sale or issue of securities after registration by the Corporation or a company associated with it.
      (5) Expressions used in subsection (4) and in the 1999 Act have the same meaning in that subsection as in that Act.".
 
 
General
Interpretation: companies and shares.     24. - (1) A company is wholly owned by the Crown for the purposes of this Act at any time when all its shares are held by the Crown.
 
      (2) For the purposes of this Act shares are held by the Crown if they are held-
 
 
    (a) by a Minister of the Crown or his nominee, or
 
    (b) by a company of which all the shares are held by the Crown.
      (3) The reference to a company in subsection (1) includes a reference to the Corporation on and after registration.
 
      (4) A company is associated with the Corporation for the purposes of this Act if-
 
 
    (a) it is designated for the purposes of this subsection by an order of the Secretary of State made by statutory instrument, and
 
    (b) it is wholly owned by the Crown.
      (5) The Secretary of State may designate a company for the purposes of this subsection by order made by statutory instrument; and a company which has at any time been designated for the purposes of this subsection may not be designated for the purposes of subsection (4).
 
Interpretation: general.     25. - (1) In this Act-
 
 
    (a) "securities" in relation to the Corporation or another company means shares (including stock), debentures, bonds and other securities, whether constituting a charge on the assets of the company or not,
 
    (b) a reference to a company includes a reference to any body corporate, wherever incorporated,
 
    (c) a reference to a nominee of a Minister of the Crown includes a reference to a person to whom section 19(2) applies, and
 
    (d) a reference to a provision of the Commonwealth Development Corporation Act 1978 includes a reference to any relevant earlier enactment.
      (2) An expression listed in the Table has the same meaning in this Act as in the specified provision of the Companies Act 1985.
 
 
 
Expression
 
Defining provision
 
Allotment.
 
Section 738.
 
Authorised minimum.
 
Section 118(1).
 
Called-up share capital.
 
Section 737(1).
 
Net assets.
 
Section 264(2).
 
Paid up.
 
Section 738.
 
Registrar of companies.
 
Section 744.
 
Shadow director.
 
Section 741.
 
Undistributable reserves.
 
Section 264(3).
Repeals.     26. The enactments listed in Schedule 3 shall on registration be repealed to the extent specified.
 
Short title and extent.     27. - (1) This Act may be cited as the Commonwealth Development Corporation Act 1999.
 
      (2) This Act extends to Northern Ireland.
 
 
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Prepared 3 March 1999