House of Lords Amendments - Commonwealth Development Corporation Bill

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Session 1998-99
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Amendments to the Commonwealth Development Corporation Bill

Commonwealth Development Corporation Bill -
Amendments to be debated in the House of Lords
Here you can browse the Marshalled List of Amendments to the Commonwealth Development Corporation Bill to be moved in Grand Committee in the House of Lords.

Clause 1

BY THE LORD REDESDALE

1      Page 1, line 6, after ("day") insert ("not later than four years after the day on which this Act is passed")

Before Clause 16

BY THE BARONESS RAWLINGS

2      Insert the following new Clause--

    ("  .  No securities in the Corporation shall be issued until the Secretary of State has commissioned from a leading firm of consultants a comprehensive review of the Corporation's overheads, working practices and main office records of efficiency measures to maximise private sector investment potential.") Review of Corporation's overheads, etc.

Clause 16

BY THE BARONESS RAWLINGS

3      Page 8, line 6, at end insert--

    ("(7)  No securities shall be issued to any third parties unless--
(a)  the proposed balance sheet of the Corporation, as at the date of issue of the said securities, has been laid before Parliament; and

(b) a motion in favour of the issue of such securities has been approved by each House.")

Clause 17

BY THE BARONESS RAWLINGS

4      Page 8, line 11, at end insert--

    ("\(  ) The Secretary of State shall seek to attract private sector investment in the Corporation by the issuing of securities at market value not less than two years after the day on which this Act is passed.")

5      Page 8, line 13, at end insert--

    ("(3) No securities in the Corporation shall be issued until a memorandum setting out how the proceeds of any such issue shall be treated by the Treasury has been laid before Parliament and a motion to approve it has been agreed to by resolution of each House.")

Clause 18

BY THE BARONESS RAWLINGS

6      Page 8, line 15, leave out ("25") and insert ("5")

After Clause 26

BY THE LORD REDESDALE

7      Insert the following new Clause--

    ("  .  This Act, other than this section and section 27, shall not come into force until the Secretary of State has--
(a)  prepared a report on the liability of the Corporation after registration to corporation tax; and

(b)  laid the report before the House of Commons.")

BY THE BARONESS RAWLINGS

8      Insert the following new Clause--

    ("  .  This Act shall not come into force until the investment policy of the Corporation has been approved by resolution of each House of Parliament.") Commencement (No. 2).

Clause 27

BY THE BARONESS RAWLINGS

9      Page 11, line 23, at end insert--

    ("(3)  This Act shall not come into force until the Secretary of State has laid before both Houses of Parliament a statement that either--
(a) the purchase of securities in the Corporation or other private sector investment shall be treated no less favourably for taxation purposes within the United Kingdom than a pension fund; or

(b) the Corporation shall be permitted to hold investment funds outside the United Kingdom (on an off-shore basis) to maximise potential private sector investment.")

© Parliamentary copyright 1999
Prepared 12 January 1999

	Clause 1
	BY THE LORD REDESDALE
1	Page 1, line 6, after ("day") insert ("not later than four years after the day on which this Act is passed")
	Before Clause 16
	BY THE BARONESS RAWLINGS
2	Insert the following new Clause--
	(" . No securities in the Corporation shall be issued until the Secretary of State has commissioned from a leading firm of consultants a comprehensive review of the Corporation's overheads, working practices and main office records of efficiency measures to maximise private sector investment potential.")	Review of Corporation's overheads, etc.
	Clause 16
	BY THE BARONESS RAWLINGS
3	Page 8, line 6, at end insert-- ("(7) No securities shall be issued to any third parties unless-- (a) the proposed balance sheet of the Corporation, as at the date of issue of the said securities, has been laid before Parliament; and (b) a motion in favour of the issue of such securities has been approved by each House.")
	Clause 17
	BY THE BARONESS RAWLINGS
4	Page 8, line 11, at end insert-- ("\( ) The Secretary of State shall seek to attract private sector investment in the Corporation by the issuing of securities at market value not less than two years after the day on which this Act is passed.")
5	Page 8, line 13, at end insert-- ("(3) No securities in the Corporation shall be issued until a memorandum setting out how the proceeds of any such issue shall be treated by the Treasury has been laid before Parliament and a motion to approve it has been agreed to by resolution of each House.")
	Clause 18
	BY THE BARONESS RAWLINGS
6	Page 8, line 15, leave out ("25") and insert ("5")
	After Clause 26
	BY THE LORD REDESDALE
7	Insert the following new Clause--
	(" . This Act, other than this section and section 27, shall not come into force until the Secretary of State has-- (a) prepared a report on the liability of the Corporation after registration to corporation tax; and (b) laid the report before the House of Commons.")
	BY THE BARONESS RAWLINGS
8	Insert the following new Clause--
	(" . This Act shall not come into force until the investment policy of the Corporation has been approved by resolution of each House of Parliament.")	Commencement (No. 2).
	Clause 27
	BY THE BARONESS RAWLINGS
9	Page 11, line 23, at end insert-- ("(3) This Act shall not come into force until the Secretary of State has laid before both Houses of Parliament a statement that either-- (a) the purchase of securities in the Corporation or other private sector investment shall be treated no less favourably for taxation purposes within the United Kingdom than a pension fund; or (b) the Corporation shall be permitted to hold investment funds outside the United Kingdom (on an off-shore basis) to maximise potential private sector investment.")