India - Periyar Vaigai Irrigation II Project : Credit 1468 - Project Agreement - Conformed
In section 9A(2) of the Commonwealth Development Corporation Act 1978 (which imposes a limit of £750 million, or such larger sum not exceeding £850 million as may be specified by order, on the total amount outstanding in respect of sums borrowed or guaranteed by the Corporation or any of its subsidiaries)—
for “£750 million” there shall be substituted “ £1,100 million ”; and
for “£850 million” there shall be substituted “ £1,500 million ”.
In subsection (1) of section 10 of that Act (which provides for the making of advances by the Secretary of State to the Corporation up to a certain limit), the words “up to” onwards shall cease to have effect.
In section 12 of the Commonwealth Development Corporation Act 1978 (repayment of, and interest on, advances and sums issued to meet guarantees), in subsection (1) after the words “Subject to” there shall be inserted “ subsection (3A) and ”.
After subsection (3) of that section there shall be inserted the following subsection—
For section 13 of that Act (power of Secretary of State to remit certain debts of the Corporation) there shall be substituted—
Schedule 1 to the Commonwealth Development Corporation Act 1978 (supplementary provisions relating to the constitution etc. of the Corporation) shall be amended as follows.
For paragraph 3 (which makes provision in relation to the remuneration and allowances of members of the Corporation) there shall be substituted the following paragraph—
In paragraph 4 (which makes provision in relation to the pensions etc. of members of the Corporation), for the words from “it is determined” to “make provision” there shall be substituted “ it is determined by the Secretary of State to make provision ”.
Paragraph 5 (which makes provision in relation to the remuneration and allowances of members of the Corporation who are employed about the affairs of the Corporation) shall cease to have effect.
Before paragraph 6 there shall be inserted the following paragraph—
The enactments mentioned in the Schedule to this Act are hereby repealed to the extent specified in the third column of that Schedule.
This Act may be cited as the Commonwealth Development Corporation Act 1995.
This Act extends to Northern Ireland.
Section 4. Chapter Short title Extent of repeal 1978 c. 2. The Commonwealth Development Corporation Act 1978. In section 10(1) the words “up to” onwards. Section 10(2). Section 18(3). In Schedule 1, paragraph 5. 1982 c. 54. The Commonwealth Development Corporation Act 1982. Section 3.