Commonwealth Development Corporation Act 1999

Part II U.K. Modifications on and after registration

General U.K.

2 (1) A reference to a company’s incorporation shall be construed as a reference to the registration of the Corporation’s memorandum and articles of association. U.K.

(2) Sub-paragraph (1) shall not apply to any provision relating to taxation.

3 (1) A reference to the statement under [F1 section 12 of the Companies Act 2006] shall be construed as a reference to the statement under paragraph 3 of Schedule 1 to this Act. U.K.

(2) A reference to documents delivered under the Companies Acts shall be taken to include a reference to documents delivered under section 2(1) of this Act.

Textual Amendments

F1 Words in Sch. 2 para. 3(1) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(a) (with art. 10)

4 (1) A reference to a company’s certificate of incorporation shall be construed as a reference to the certificate given under section 4(3). U.K.

(2) A requirement for the registrar of companies to issue a certificate of incorporation to a company shall—

(a) be construed as a requirement to issue a certificate of registration similar to the certificate under section 4(3), and

(b) apply with such other modifications as the registrar considers necessary in consequence of paragraph (a).

5 U.K. In [F2 section 1(1) of the Companies Act 2006] (definition of company), and in other legislation relating to companies, any reference to a company formed and registered under that Act shall have effect as if the reference to formation were omitted.

Textual Amendments

F2 Words in Sch. 2 para. 5 substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(b) (with art. 10)

Effect of registration U.K.

6 U.K. [F3 Section 16 of the Companies Act 2006] (effect of registration) shall not apply.

Textual Amendments

F3 Words in Sch. 2 para. 6 substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(c) (with art. 10)

7 (1) This paragraph applies in place of [F4 section 112(1) of the Companies Act 2006] (members). U.K.

(2) The persons to whom shares are allotted by virtue of section 6 of this Act are deemed to have agreed to become members of the Corporation, and shall be entered as such in its register of members on registration.

Textual Amendments

F4 Words in Sch. 2 para. 7 substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(d) (with art. 10)

Use of “limited” U.K.

F5 8 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5 Sch. 2 para. 8 omitted (1.10.2009) by virtue of The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(e) (with art. 10)

Certificate as to share capital U.K.

9 U.K. The following provisions shall not apply—

(a) [F6 section 761 of the Companies Act 2006] (public company share capital requirements), and

(b) section 122(1)(b) of the M1 Insolvency Act 1986 (winding up by the court: lack of certificate under [F7 section 761 of 2006 Act]).

Textual Amendments

F6 Words in Sch. 2 para. 9(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(2) (with arts. 6, 11, 12)

F7 Words in Sch. 2 para. 9(b) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(f) (with art. 10)

Marginal Citations

M1 1986 c. 45.

Financial year U.K.

10 (1) This paragraph applies in place of section 223(2) of the Companies Act 1985 (first financial year). U.K.

(2) The Corporation shall have a financial year—

(a) beginning with the day after the last financial year of the Corporation to end before registration, and

(b) ending with the accounting reference date or such other date, not more than seven days before or after that date, as the directors may determine.

Accounting reference periods U.K.

11 (1) This paragraph applies in place of [F8 section 391(2) to (7) of the Companies Act 2006] (accounting reference periods, &c.). U.K.

(2) The Corporation’s accounting reference date shall be the date specified by the Secretary of State under section 1(3)(a) of this Act.

(3) The Corporation shall have an accounting reference period consisting of the period of more than six months, but not more than 18 months—

(a) beginning with the day after the last financial year of the Corporation to end before registration, and

(b) ending with the accounting reference date.

(4) Each subsequent accounting reference period shall be a period of 12 months—

(a) beginning immediately after the end of the previous accounting reference period, and

(b) ending with the accounting reference date.

(5) This paragraph is subject to the provisions of [F9 section 392 of the Companies Act 2006] relating to the alteration of accounting reference dates and the consequences of such alteration.

Textual Amendments

F8 Words in Sch. 2 para. 11(1) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(3)(a) (with arts. 6, 11, 12)

F9 Words in Sch. 2 para. 11(5) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(3)(b) (with arts. 6, 11, 12)

Status as investment company U.K.

12 (1) [F10 Section 833 of the Companies Act 2006] (investment company) shall have effect with the omission of subsection (2)(d) in relation to any accounting reference period which— U.K.

(a) falls within the exempt period, or

(b) begins before and ends within the exempt period.

(2) [F11 Section 834(2)(a) of the Companies Act 2006] (holdings in groups) shall not apply for the purposes of determining whether the Corporation complies with the requirement in [F12 section 833(2)(b) of that Act] at any time during the exempt period.

(3) Paragraph 73(a) of Schedule 4 to the Companies Act 1985 (company accounts: investment company) shall be taken to be satisfied in relation to the financial year of the Corporation during which it first becomes an investment company.

(4) If at any time which falls within the exempt period and within the first period during which the Corporation is an investment company—

(a) the Corporation is prohibited under section 265(4) of that Act from making a distribution by virtue of that section, and

(b) the prohibition arises by reason only that the condition in section 265(4)(a) is not satisfied,

the prohibition shall be ignored for the purposes of paragraph 73(b) of Schedule 4 to that Act.

(5) In this paragraph—

• “the exempt period” means the exempt period for the purposes of Schedule 3 to this Act, and

• “investment company” has the meaning assigned by [F13 section 833(1) of the Companies Act 2006].

Textual Amendments

F10 Words in Sch. 2 para. 12(1) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(4)(a) (with arts. 6, 11, 12)

F11 Words in Sch. 2 para. 12(2) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(4)(b)(i) (with arts. 6, 11, 12)

F12 Words in Sch. 2 para. 12(2) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(4)(b)(ii) (with arts. 6, 11, 12)

F13 Words in Sch. 2 para. 12(5) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(4)(c) (with arts. 6, 11, 12)

Registration of charges U.K.

13 (1) This paragraph applies to a charge which— U.K.

(a) is created by the Corporation before registration, and

(b) is of a kind to which section 395 of the Companies Act 1985 applies (charges void if not registered).

(2) Sections 395 to 409 of that Act shall apply to a charge to which this paragraph applies—

(a) with the following modifications, and

(b) without prejudice to any action taken to enforce a charge before registration.

(3) The reference in section 395(1) to the date of the charge’s creation shall be construed as a reference to the date of registration.

(4) The Corporation’s duty under section 399(1) in relation to a charge to which this paragraph applies includes a duty to give notice of the effect of this paragraph as soon as practicable after registration to the person entitled to the charge.

Fees U.K.

14 F14 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

(2) In any regulations made under F15 ...[F16 section 1063 of the Companies Act 2006 (fees payable to registrar)] a reference to a certificate of incorporation shall be construed as including a reference to—

(a) a certificate under section 4(3), and

(b) a certificate issued in accordance with paragraph 4(2).

Textual Amendments

F14 Sch. 2 para. 14(1) omitted (1.10.2009) by virtue of The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(g)(i) (with art. 10)

F15 Words in Sch. 2 para. 14(2) omitted (1.10.2009) by virtue of The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(g)(ii) (with art. 10)

F16 Words in Sch. 2 para. 14(2) inserted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), Sch. 1 para. 209(5) (with arts. 6, 11, 12)

Shadow directors U.K.

15 (1) For the purposes of the provisions [F17 of the Companies Act 2006] listed in sub-paragraph (2), neither the Secretary of State nor the Treasury shall be regarded as a shadow director of the Corporation or of a company associated with the Corporation at any time while the Crown continues to hold any special share provided for under the Corporation’s articles of association. U.K.

[F18 (2) The provisions are—

(a) section 162 (register of directors);

(b) Chapter 3 of Part 10 (declaration of interest in existing transaction or arrangement);

(c) sections 190 to 196 (transactions requiring members’ approval: substantial property transactions);

(d) sections 197 to 214 (transactions requiring members’ approval: loans etc.).]

Textual Amendments

F17 Words in Sch. 2 para. 15(1) inserted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(h)(i) (with art. 10)

F18 Sch. 2 para. 15(2) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(h)(ii) (with art. 10)