 House of Commons |
Session 2003 - 04 Internet Publications Other Private Bills before Parliament Arrangement of Clauses (Contents) |
| University of Wales, Cardiff Bill
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EXPLANATORY MEMORANDUM This Bill provides for the University of Wales College of Medicine (“the College”) to be united with University of Wales, Cardiff (“the Institution”). In addition the Bill makes new provisions for the investments of the Institution. The Institution and the College (which are both constituent institutions of the University of Wales) have been working together for some time under partnership arrangements and have concluded that they could operate more effectively as a single body. The Institution and the College consider that the merger will give effect to the Welsh Assembly Government's document Reaching Higher: A Strategy for the Higher Education Sector in Wales, and will lead to the creation of an internationally competitive institution. PART 1 PRELIMINARY Clause 1 gives a short title for the intended Act. Clause 2 sets out the definitions used in the Bill. Clause 3 provides that the Institution and the College may agree a day to be appointed for the purposes of the Bill. The Institution must notify the Council of the University of Wales of the appointed day. PART 2 DISSOLUTION OF COLLEGE OF MEDICINE AND TRANSFER OF PROPERTY, ETC. Part 2 contains provisions for the dissolution of the College and the transfer of its property, obligations and other powers and functions to the Institution. Clause 4 provides for the College to be dissolved on the appointed day determined under clause 3 and for its Charters to be revoked. Clause 5 provides for the transfer to the Institution of the property and the rights and functions of the College, whilst clause 6 makes similar provision with respect to its debts and obligations. Clause 7 contains saving provisions for agreements and other matters (including actions, proceedings and causes of action) existing or pending in favour of or against the College immediately prior to its dissolution. Clause 8 enables certain schemes, wills, deeds and other instruments to be read as if the Institution were named therein instead of the College and makes provision as to their administration. The clause also provides for certain bodies who are at present able for certain purposes to support the College to be able to support the Institution for those purposes after its unification with the College. Clause 9 transfers to the Institution certain powers of the College to appoint or nominate members of educational, health or other charitable bodies or institutions. PART 3 INVESTMENT POOL Part 3 provides for the pooling of investments and moneys of certain funds of the Institution. Clause 10 sets out the definitions used in Part 3 of the Bill. Clause 11 provides that Part 3 of the Bill shall apply to the Institution and to the Council of the Institution (“the Council”) on and after a date (“the operative date”) determined by resolution of the Council. Clause 12 requires the Council on the operative date to set up an investment pool of investments and money belonging to any endowment fund or to any trustee investment endowment fund. Clause 13 provides that the investment pool is to be a trust fund for the purposes of the Trustee Act 2000 and sets out provisions for the administration of the pool, including provisions for the withdrawal from the pool and sale of any investments. Clause 14 makes requirements of the auditor of the Institution in relation to the certification of capital values of any investment for the purposes of the Bill. Clause 15 makes provision for the apportionment of income (after specified deductions) between the funds in the pool and allows the Council to carry some income to a reserve fund or to a capital redemption account for further investment. Clause 16 authorises the Council in certain circumstances to make additions or reductions to the value of an investment unit in the pool where the aggregate amount of capital values of the investments and monies in the pool is substantially greater or less than the total value of all the investment units in the pool. Clause 17 contains supplementary provisions relating to the investment pool. PART 4 MISCELLANEOUS Clause 18 restricts the future use of certain names associated with the Institution and the College. Clause 19 is concerned with the University of Wales College of Medicine Students' Club. Under its constitution this Club will be dissolved automatically when the College ceases to exist. Clause 19 accordingly provides for the property, functions and liability of the Club to pass to the Institution (if it is dissolved following the dissolution of the College). The Institution is required to hold such property for the benefit of its students, and may transfer it to another body similar to the Club. Clause 20 repeals Part III of the University of Wales College of Cardiff Act 1988 from the date of the resolution passed by the Council under clause 11 to adopt Part 3 of the intended Act. EUROPEAN CONVENTION ON HUMAN RIGHTS Dr. David Grant, Vice Chancellor of the Institution and Professor Stephen Tomlinson, Vice Chancellor of the College have made the following statement:In our view, the provisions of the University of Wales, Cardiff Bill are compatible with the Convention Rights. |
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| © Parliamentary copyright 2003 | Prepared 4 December 2003 |