Amendment Paper as at
Wednesday 14th July 1999
CONSIDERATION OF BILL
COMMONWEALTH DEVELOPMENT CORPORATION BILL [LORDS],
AS AMENDED
NEW CLAUSES
Investment policy
Mr William Hague
Mr John Maples
Mr James Arbuthnot
Mr Gary Streeter
Mrs Cheryl Gillan
NC1
To move the following Clause:—
'.—(1) The Corporation shall at the end of each complete financial year after registration 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.'.
Registered office
Mr William Hague
Mr John Maples
Mr James Arbuthnot
Mr Gary Streeter
Mrs Cheryl Gillan
NC2
To move the following Clause:—
'The registered office of the Corporation shall be located in sub-Saharan Africa.'.
Sale of shares or other securities
Mr William Hague
Mr John Maples
Mr James Arbuthnot
Mr Gary Streeter
Mrs Cheryl Gillan
NC3
To move the following Clause:—
'. It shall be the duty of the Secretary of State—
(a) in disposing of shares or other securities held by him; or
(b) in directing a person to dispose of shares or other securities held on the Secretary of State's behalf
to ensure that the price obtained for those shares or other securities is in the best commercial interests of the Corporation.'.
Dr Jenny Tonge
Mr David Heath
1
Page 8, line 23 [Clause 18], leave out from 'association' to 'unless' in line 24 and insert ', investment policy and statement of business principles'.
Dr Jenny Tonge
Mr David Heath
2
Page 10, line 31 [Clause 25], leave out from 'nominee' to end of line 32.
NEW SCHEDULE
Tax
Mr William Hague
Mr John Maples
Mr James Arbuthnot
Mr Gary Streeter
Mrs Cheryl Gillan
NS1
To move the following Schedule:—
'. The Corporation shall on registration take such steps as may be necessary to ensure that it is regarded for the purposes of the Taxes Acts as resident outside the United Kingdom.
2. The following provisions shall not apply where the Coporation ceases to be resident in the United Kingdom—
(a) section 179 of the Taxation of Chargeable Gains Act 1992 (company ceasing to be member of group);
(b) section 185 of that Act (deemed disposal of assets when company ceases to be resident in the UK).
3. In this Schedule "the Taxes Acts" has the same meaning as in the Taxes Management Act 1970.'.
Mr William Hague
Mr John Maples
Mr James Arbuthnot
Mr Gary Streeter
Mrs Cheryl Gillan
4
Page 16, line 7, leave out Schedule 3.
