Commonwealth Development Corporation Act 1999

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Introductory Text

Registration under the Companies Act 1985

1. Initial steps by Secretary of State.
2. Filing of documents.
3. Appointing day for registration.
4. Registration.
5. Effect of registration.
6. Initial allotment of shares.
7. Repeal of 1978 Act: savings, &c.

Financial assistance by Government

8. Old loans, advances and guarantees.
9. New loans.
10. New guarantees.
11. Guarantees: supplemental.
12. Other assistance.
13. Accounts.
14. Waiver of payments.
15. Limit on government assistance.


16. Requirement to issue securities.
17. Acquisition of securities.
18. Minimum Crown shareholding.
19. Securities held by or for Crown.
20. Tax.
21. Trustee Investments Act 1961.
22. Treasury consent.
23. House of Commons Disqualification, &c.
24. Powers and duties of Corporation before registration.


25. Interpretation: companies and shares.
26. Interpretation: general.
27. Repeals.
28. Short title and extent .


Documents to be filed

Memorandum and articles

1.A memorandum of association for the Corporation which—
2.Articles of association for the Corporation which comply with the...

Directors, secretary and registered office
3.A statement which— (a) names as the Corporation’s directors and...

Accounts, &c.

4.(1) A copy of the most recent statement of accounts...
5.A copy of a statement by the auditors that in...
6.A statement by the Corporation that if registration were to...
7.A copy of the Secretary of State’s order under section...

Modification of Companies Act 1985, &c.

Part I Modifications before registration
1.(1) The Corporation’s memorandum of association shall not have names...

Part II Modifications on and after registration


2.(1) A reference to a company’s incorporation shall be construed...
3.(1) A reference to the statement under section 10 of...
4.(1) A reference to a company’s certificate of incorporation shall...
5.In section 735 of the Companies Act 1985 (definition of...

Effect of registration

6.Section 13 of the Companies Act 1985 (effect of registration)...
7.(1) This paragraph applies in place of section 22(1) of...

Use of “limited”
8.In section 34 of the Companies Act 1985 (penalty for...

Certificate as to share capital
9.The following provisions shall not apply— (a) section 117 of...

Financial year
10.(1) This paragraph applies in place of section 223(2) of...

Accounting reference periods
11.(1) This paragraph applies in place of section 224(2) to...

Status as investment company
12.(1) Section 266 of the Companies Act 1985 (investment company)...

Registration of charges
13.(1) This paragraph applies to a charge which—

14.(1) In section 708 of the Companies Act 1985 (fees)...

Shadow directors
15.(1) For the purposes of the provisions listed in sub-paragraph...


The exempt period
1.(1) The exempt period for the purposes of this Schedule...

Exemption from tax
2.(1) The Corporation shall not be chargeable to corporation tax...

Residence for tax purposes
3.(1) Sub-paragraph (2) shall apply if— (a) the exempt period...

Groups of companies, &c.

4.(1) The Corporation cannot be a member of a group...
5.(1) The Corporation cannot be a member of a group...

6.(1) This paragraph applies where the Corporation makes a distribution...