(1)A company is wholly owned by the Crown for the purposes of this Act at any time when all its shares are held by the Crown.
(2)For the purposes of this Act shares are held by the Crown if they are held—
(a)by a Minister of the Crown or his nominee, or
(b)by a company of which all the shares are held by the Crown.
(3)The reference to a company in subsection (1) includes a reference to the Corporation on and after registration.
(4)A company is associated with the Corporation for the purposes of this Act if—
(a)it is designated for the purposes of this subsection by an order of the Secretary of State made by statutory instrument, and
(b)it is wholly owned by the Crown.
(5)The Secretary of State may designate a company for the purposes of this subsection by order made by statutory instrument; and a company which has at any time been designated for the purposes of this subsection may not be designated for the purposes of subsection (4).
(1)In this Act—
(a)“securities” in relation to the Corporation or another company means shares (including stock), debentures, bonds and other securities, whether constituting a charge on the assets of the company or not,
(b)a reference to a company includes a reference to any body corporate, wherever incorporated,
(c)a reference to a nominee of a Minister of the Crown includes a reference to a person to whom section 19(2) applies, and
(d)a reference to a provision of the M1Commonwealth Development Corporation Act 1978 includes a reference to any relevant earlier enactment.
(2)An expression listed in the Table has the same meaning in this Act as in the specified provision of the M2Companies Act 1985.
| Expression | Defining provision |
|---|---|
| Allotment. | Section 738. |
| Authorised minimum. | Section 118(1). |
| Called-up share capital. | Section 737(1). |
| Net assets. | Section 264(2). |
| Paid up. | Section 738. |
| Registrar of companies. | Section 744. |
| Shadow director. | Section 741. |
| Undistributable reserves. | Section 264(3). |
The enactments listed in Schedule 4 shall on registration be repealed to the extent specified.
(1)This Act may be cited as the Commonwealth Development Corporation Act 1999.
(2)This Act extends to Northern Ireland.