Statement
The Commonwealth Development Corporation Act 1978 shall be amended as follows.
In section 2 (powers of Corporation)—
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in subsection (2)(e) for the words “any such functions as are mentioned in paragraph (d) above” there shall be substituted the words “ any functions which the Corporation is empowered to perform by virtue of any of paragraphs (a) to (d) above or to assist the Corporation to perform any of those functions ”;
at the end of subsection (3) there shall be inserted the words “ ; and the power conferred by paragraph (d) of that subsection to give assistance may be exercised indirectly by giving assistance to a body which will in turn assist other bodies or persons to perform any of the functions mentioned in that paragraph. ”
In section 9 (borrowing by Corporation)—
after subsection (2) there shall be inserted—;
in subsection (3) for the words “subsection (2) above” there shall be substituted the words “ subsection (2) or (2A) above ”.
After section 10 (advances by Secretary of State) there shall be inserted—
In section 11 (guarantees)—
after subsection (1) there shall be inserted—;
after subsection (3) there shall be inserted—; and
at the end of subsection (4) there shall be inserted the words “ and any sums required by the Secretary of State for fulfilling any guarantee given under subsection (1A) above shall be paid out of money provided by Parliament ”.
In section 12(2)(a) (repayment by Corporation of sums issued in fulfilment of guarantees) for the words “section 11(1) above” there shall be substituted the words “ section 11(1) or (1A) above ”.
“subsidiary” and “wholly-owned subsidiary” shall be construed in accordance with section 736 of the Companies Act 1985. and paragraph (b) of section 9A(6) (which is replaced by the foregoing provision) is hereby repealed together with the word “and” immediately preceding it.
This Act may be cited as the Commonwealth Development Corporation Act 1986.
The Commonwealth Development Corporation Act 1978, the Commonwealth Development Corporation Act 1982 and this Act may be cited together as the Commonwealth Development Corporation Acts 1978 to 1986.
This Act extends to Northern Ireland.