Crown Agents Act 1979

31 Interpretation

(1) In this Act—

• " accounting year " means, subject to subsection (2) and to any order under subsection (3) altering the meaning of that expression in relation to the Crown Agents, a period of twelve months ending with the 31st December in any year;

• " the appointed day " means the day appointed by the Minister under section 1(1);

• " the Board " means the Crown Agents Holding and Realisation Board;

• " commencing capital debt ", in relation to the Crown Agents, has the meaning given by section 17(1);

• " the Crown Agents " means the body corporate established by section 1;

• " financial year ", in relation to the unincorporated Agents, means a period of twelve months ending with the 31st December in any year ;

• " functions " includes powers and duties ;

• " the Minister " means the Minister of Overseas Development ;

• "pension", in relation to any person, means a pension, whether contributory or not, of any kind whatever payable to or in respect of him, and includes an allowance or a gratuity so payable (whether on retirement or otherwise) and a return of contributions to a pension fund or of insurance premiums, with or without interest or any other addition;

• " performance ", in relation to functions, includes the exercise of powers as well as the performance of duties, and " perform " shall be construed accordingly;

• " regulations " means regulations made by the Minister with the approval of the Treasury;

• " scheduled authority or body " has the meaning given by section 3(3);

• " subsidiary " shall be construed in accordance with section 154 of the [1948 c. 38.] Companies Act 1948 or section 148 of the [1960 c. 22 (N.I.).] Companies Act (Northern Ireland) 1960, and " wholly owned subsidiary" shall be construed in accordance with section 150(4) of that Act of 1948 or section 144(5) of that Act of 1960;

• " the unincorporated Agents " has the meaning given by section 1(2)(b).

(2) For the purposes of this Act the first accounting year shall be the period of whatever length beginning with such date (whether the same as, or earlier or later than, the appointed day) as the Minister may by order prescribe and ending with the 31st December next after the appointed day.

(3) The Minister may, after consultation with the Crown Agents, by order direct that, in relation to the Crown Agents, the definition of " accounting year" in subsection (1) shall have effect with the substitution for the 31st December (or any date for the time being substituted therefor under this subsection) of such date as may be prescribed by the order; and where an order is made under this subsection then, in relation to the Crown Agents, the duration of the accounting year in which the first altered accounting year is to begin, or of the preceding accounting year, shall be shortened or extended, as the order may provide, by not more than six months so as to end with the date prescribed by the order.

(4) Any provision of this Act conferring a power to give directions or instructions shall be construed as imposing, on any person to whom directions or instructions are given thereunder, a duty to comply with those directions or instructions.