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| Other assistance. |
12. Section 1(9) of the Overseas Development and Co-operation Act 1980 (no assistance to be given to the Corporation) shall cease to have effect on registration.
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| Accounts. |
13. - (1) The Secretary of State shall prepare in respect of each financial year, in such form as the Treasury may direct-
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(a) an account of sums (if there are any) issued to him under section 9(2), |
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(b) an account of sums (if there are any) received by him by virtue of section 9(3), and |
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(c) an account of the disposal of the sums mentioned in paragraph (b). |
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(2) An account under subsection (1) shall be sent to the Comptroller and Auditor General not later than the end of the November following the financial year to which it relates.
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(3) The Comptroller and Auditor General shall-
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(a) examine, certify and report on each account, and |
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(b) lay copies of the account and of his report before each House of Parliament. |
| Waiver of payments. |
14. - (1) This section applies while the Corporation is wholly owned by the Crown.
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(2) The Secretary of State may extinguish any liability of the Corporation or a company associated with the Corporation to pay a sum due-
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(a) pursuant to any direction under section 12 of the Commonwealth Development Corporation Act 1978 (payments in respect of advances and guarantees), or |
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(b) by virtue of section 10(7) of this Act. |
| Limit on government assistance. |
15. - (1) The Secretary of State shall exercise his powers under or by virtue of this Act so as to ensure that the Crown's assistance to the Corporation and its associated companies does not at any time exceed £1,500 million.
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(2) For the purposes of subsection (1) the Crown's assistance to the Corporation and its associated companies is the aggregate of-
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(a) amounts outstanding in respect of the principal of loans under section 9(1A) of the Commonwealth Development Corporation Act 1978, |
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(b) amounts outstanding in respect of advances under section 10 of that Act, |
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(c) amounts outstanding in respect of the principal of loans under section 9 of this Act, |
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(d) liabilities extinguished under section 14, and |
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(e) sums paid by or on behalf of the Secretary of State in respect of the issue of securities under section 16 or the acquisition of securities or rights under section 17. |
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(3) For the purposes of this section equivalents in sterling shall be calculated as determined by the Secretary of State.
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Miscellaneous |
| Requirement to issue securities. |
16. - (1) This section applies while the Corporation is wholly owned by the Crown.
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(2) If the Corporation or a company associated with the Corporation is directed to do so by the Secretary of State, it shall issue such securities as are specified in the direction-
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(a) to the Secretary of State, or |
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(b) if the direction so requires, to a person nominated by the Secretary of State. |
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(3) Securities issued pursuant to a direction under subsection (2) shall be issued at such times, and on such terms, as may be specified in the direction.
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(4) A direction under subsection (2) requiring the issue of shares shall specify the nominal value of the shares to be issued; and the shares-
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(a) shall be issued as fully paid, |
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(b) shall be treated for the purposes of the Companies Act 1985 as having been paid up by virtue of payment of their nominal value in cash, and |
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(c) shall be treated for the purposes of the Corporation Tax Acts as if they had been issued wholly in consideration of a subscription of an amount equal to their nominal value. |
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(5) A debenture issued in accordance with a direction under subsection (2) shall be treated for the purposes of the Corporation Tax Acts as if it had been issued wholly in consideration of a loan of an amount equal to the principal sum payable under the debenture.
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(6) The Secretary of State shall consult the Corporation before making a direction under subsection (2).
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| Acquisition of securities. |
17. - (1) The Secretary of State may acquire or arrange for a nominated person to acquire-
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(a) securities of the Corporation or a company associated with the Corporation; |
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(b) rights to subscribe for such securities. |
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(2) Expenditure of the Secretary of State under subsection (1) shall be paid out of money provided by Parliament.
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