General
25 Interpretation: companies and shares.
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).
26 Interpretation: general.
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 1985F2or the Companies Act 2006.
F1Expression | Defining provision |
|---|---|
Allotment | Section 738 of the Companies Act 1985 |
Called-up share capital | Section 737(1) of the Companies Act 1985 |
Net assets | Section 831(2) of the Companies Act 2006 |
Paid up | F3Section 583 of the Companies Act 2006 |
Registrar of companies | F4Section 1060 of the Companies Act 2006 |
Shadow director | Section 251 of the Companies Act 2006 |
Undistributable reserves | Section 831(4) of the Companies Act 2006 |
27 Repeals.
The enactments listed in Schedule 4 shall on registration be repealed to the extent specified.
28 Short title and extent .
1
This Act may be cited as the Commonwealth Development Corporation Act 1999.
2
This Act extends to Northern Ireland.