S.C.D.
NOTICES OF AMENDMENTS
given up to and including
Thursday 10th June 1999
Secretary Clare Short
That, during proceedings on the Commonwealth Development Corporation Bill [Lords], the Committee do meet on Tuesdays at half-past Ten o'clock and at half-past Four o'clock and on Thursdays at Nine o'clock and at half-past Four o'clock.
STANDING COMMITTEE D
COMMONWEALTH DEVELOPMENT CORPORATION BILL [LORDS]
Mr Gary Streeter
Mrs Cheryl Gillan
1
Clause 5, page 3, line 35, at end insert—
'(5) On registration an employee of the Corporation shall cease to be a Crown servant.'.
Mr Gary Streeter
Mrs Cheryl Gillan
2
Clause 16, page 7, line 33, at end insert—
'(2A) The Secretary of State shall direct the Corporation to issue securities at market value not less than 2 years after registration.'.
Mr Gary Streeter
Mrs Cheryl Gillan
3
Clause 16, page 8, line 4, at end insert—
'(5A) No securities shall be issued until a memorandum of the Secretary of State setting out how the proceeds of any such issue shall be treated by the Treasury has been laid before and approved by each House of Parliament.'.
Mr Gary Streeter
Mrs Cheryl Gillan
4
Clause 16, page 8, line 4, at end insert—
'(5A) Before making a direction under subsection (2) the Secretary of State shall obtain the advice of a panel of not less than 3 financial advisers appointed by him to advise on all matters connected with the issue of securities.'.
Mr Gary Streeter
Mrs Cheryl Gillan
5
Clause 16, page 8, line 6, at end add—
'(7) No securities shall be issued to a third party unless the proposed balance sheet of the Corporation, as at the date of issue of the said securities, has been laid before and approved by each House of Parliament.'.
Mr Gary Streeter
Mrs Cheryl Gillan
6
Clause 18, page 8, line 15, leave out '25' and insert '15'.
Mr Gary Streeter
Mrs Cheryl Gillan
7
Clause 18, page 8, line 21, at end insert—
'(2A) The Secretary of State shall make regulations listing the events in respect of which the Crown may exercise its right under subsection (2) and the circumstances in which that right may be exercised; but no regulations shall be made unless a draft has been laid before and approved by resolution of each House of Parliament.'.
Mr Gary Streeter
Mrs Cheryl Gillan
8
Clause 27, page 11, line 29, after 'until' insert—
'(a) the Commonwealth executive has given its approval; and
NEW CLAUSES
Liquidation
Mr Gary Streeter
Mrs Cheryl Gillan
NC1
To move the following Clause:—
'.—(1) Not later than three months after the passing of this Act the Secretary of State shall lay before Parliament regulations setting out the procedures to be followed in the event of the liquidation of the Corporation.
(2) Without prejudice to the generality, regulations under subsection (1) shall include particular reference to the treatment of the Corporation's assets, liabilities and employees.'.
Investment policy of the Corporation
Mr Gary Streeter
Mrs Cheryl Gillan
NC2
To move the following Clause:—
'.—(1) The Corporation shall at the end of each complete financial year after the day appointed under section 3(3) make a report to the Secretary of State on its investments during that twelve month period and on its policy on future investments.
(2) The Secretary of State shall as soon as practicable lay a report under subsection (1) before Parliament.'.
