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General |
| Interpretation: companies and shares. |
25. - (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.
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(2) For the purposes of this Act shares are held by the Crown if they are held-
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(a) by a Minister of the Crown or his nominee, or |
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(b) by a company of which all the shares are held by the Crown. |
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(3) The reference to a company in subsection (1) includes a reference to the Corporation on and after registration.
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(4) A company is associated with the Corporation for the purposes of this Act if-
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(a) it is designated for the purposes of this subsection by an order of the Secretary of State made by statutory instrument, and |
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(b) it is wholly owned by the Crown. |
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(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).
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| Interpretation: general. |
26. - (1) In this Act-
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(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, |
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(b) a reference to a company includes a reference to any body corporate, wherever incorporated, |
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(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 |
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(d) a reference to a provision of the Commonwealth Development Corporation Act 1978 includes a reference to any relevant earlier enactment. |
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(2) An expression listed in the Table has the same meaning in this Act as in the specified provision of the Companies Act 1985.
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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). |
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| Repeals. |
27. The enactments listed in Schedule 4 shall on registration be repealed to the extent specified.
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| Short title and extent. |
28. - (1) This Act may be cited as the Commonwealth Development Corporation Act 1999.
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(2) This Act extends to Northern Ireland.
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