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Commonwealth Development Corporation Act 1999 (c. 20)

Commonwealth Development Corporation Act 1999 1999 CHAPTER 20 An Act to make provision about the Commonwealth Development Corporation. [27th July 1999] Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Legislation

Table of Content

1. Initial steps by Secretary of State. U.K.

2. Filing of documents. U.K.

3. Appointing day for registration. U.K.

4. Registration. U.K.

5. Effect of registration. U.K.

6. Initial allotment of shares. U.K.

7. Financial assistance by Government U.K.

8. Old loans, advances and guarantees. U.K.

9. New loans. U.K.

10. New guarantees. U.K.

11. Guarantees: supplemental. U.K.

12. Other assistance. U.K.

13. Accounts. U.K.

14. Waiver of payments. U.K.

15. Miscellaneous U.K.

16. Requirement to issue securities. U.K.

17. Acquisition of securities. U.K.

18. Minimum Crown shareholding. U.K.

19. Securities held by or for Crown. U.K.

20. Tax. U.K.

21. Trustee Investments Act 1961. U.K.

22. Treasury consent. U.K.

23. House of Commons Disqualification, &c. U.K.

24. General U.K.

25. Interpretation: companies and shares. U.K.

26. Interpretation: general. U.K.

27. Repeals. U.K.

28. Distributions U.K.

1. Initial steps by Secretary of State. U.K.

2. Filing of documents. U.K.

3. Appointing day for registration. U.K.

4. Registration. U.K.

5. Effect of registration. U.K.

6. Initial allotment of shares. U.K.

7. Financial assistance by Government U.K.

8. Old loans, advances and guarantees. U.K.

9. New loans. U.K.

10. New guarantees. U.K.

11. Guarantees: supplemental. U.K.

12. Other assistance. U.K.

13. Accounts. U.K.

14. Waiver of payments. U.K.

15. Miscellaneous U.K.

16. Requirement to issue securities. U.K.

17. Acquisition of securities. U.K.

18. Minimum Crown shareholding. U.K.

19. Securities held by or for Crown. U.K.

20. Tax. U.K.

21. Trustee Investments Act 1961. U.K.

22. Treasury consent. U.K.

23. House of Commons Disqualification, &c. U.K.

24. General U.K.

25. Interpretation: companies and shares. U.K.

26. Interpretation: general. U.K.

27. Repeals. U.K.

28. Distributions U.K.

Section 1

1. Initial steps by Secretary of State. U.K.

(1) The Secretary of State may determine a day for the filing of documents by the Commonwealth Development Corporation. (2) Before the filing day the Secretary of State shall write to the Corporation— (a) giving notice of the filing day, (b) nominating persons to be the Corporation’s directors on registration, and (c) nominating a person to be its secretary on registration. (3) Before the filing day the Secretary of State shall make an order— (a) specifying the Corporation’s accounting reference date after registration, and (b) providing for the allotment of shares on registration. (4) The Secretary of State shall consult the Corporation before— (a) determining the filing day, (b) making a nomination under subsection (2)(b) or (c), or (c) making an order under subsection (3). (5) An order under subsection (3)(b) shall— (a) nominate persons to whom shares are to be allotted (who may include the Secretary of State), and (b) in the case of each person nominated, specify the number and nominal value of the shares to be allotted. (6) The aggregate nominal value of the shares to be allotted by virtue of an order under subsection (3)(b) shall not be less than the authorised minimum. (7) In this Act— “ the Corporation ” means the Commonwealth Development Corporation, “ the filing day ” means a day determined under subsection (1), and “ registration ” means registration of the Corporation’s memorandum and articles of association under the M1 Companies Act 1985 by virtue of section 4 of this Act. Marginal Citations M1 1985 c. 6 .

Section 2

2. Filing of documents. U.K.

(1) On the filing day the Corporation shall deliver the documents listed in Schedule 1 to the registrar of companies in England and Wales. (2) The memorandum and articles of association required by paragraphs 1 and 2 of Schedule 1 must be accompanied by a certificate of the Secretary of State that he approves them. (3) If the Corporation is unable to make the statement required by paragraph 6 of Schedule 1 on the filing day, the Corporation’s duty under subsection (1) shall lapse. (4) If the Corporation’s duty under subsection (1)— (a) lapses under subsection (3), or (b) is not discharged on the filing day, the Secretary of State may make a new determination under section 1(1). (5) For the purposes of Schedule 1, Part I of the Companies Act 1985 shall have effect with the modifications specified in Part I of Schedule 2 to this Act.