EXPLANATORY MEMORANDUM

This Bill provides for the vesting of the undertaking of The Commissioners of St. Austell Markets and Fairs in St. Austell Market House CIC, for the continuance of that undertaking and for the repeal of the St. Austell Market Act 1842 ("the 1842 Act").

Clause 3 provides that, on a day to be appointed by The Commissioners of St. Austell Markets and Fairs ("the Commissioners"), the undertaking of the Commissioners shall transfer and vest in St. Austell Market House CIC ("the Company"), a community interest company registered at Companies House under number 06231251. The clause also provides that without prejudice to any other powers available to the Company but without imposing any obligation, the Company may hold and maintain St. Austell Market at the Market House and on any other land belonging to or held by the Company from time to time.

Clause 4 makes provision for an audit of the books of accounts of the undertaking of the Commissioners.

Clause 5 makes provision for books and other documents of the Commissioners to be admissible in evidence in relation to the Company.

Clause 6 makes provision that all agreements, deeds, bonds and such other documents affecting the undertaking of the Commissioners will, following the transfer of that undertaking to the Company, have effect in relation to the Company.

Clause 7 makes provision that all legal proceedings in relation to the undertaking of the Commissioners will, following the transfer of that undertaking to the Company, have effect in relation to the Company.

Clause 8 provides that, on the transfer of the undertaking of the Commissioners to the Company, the market house held by the Commissioners as part of that undertaking will be freed from all trusts that attached to it by reason of its use for a market pursuant to the 1842 Act; and the Commissioners will be freed from all trusts that attached to them by reason of their appointment as the Commissioners.

Clause 9 repeals the 1842 Act.

EUROPEAN CONVENTION ON HUMAN RIGHTS

In the view of the Commissioners, the provisions of the St. Austell Market Bill are compatible with the Convention rights.