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Crown Agents Act 1979

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This is the original version (as it was originally enacted).

6Ancillary powers

(1)Subject to the provisions of this section, the Crown Agents shall have power to do anywhere in the world anything which is calculated to facilitate the carrying on of the activities authorised by or under sections 4 and 5 or is incidental or conducive to the carrying on of any of those activities, including, without prejudice to the generality of the preceding provision, power to acquire, hold and dispose of interests in other bodies corporate and to form or take part in forming bodies corporate.

(2)Except with the consent of the Minister the Crown Agents shall not have power in their own right—

(a)to acquire any interest in a body corporate ; or

(b)to transfer any interest of theirs in a wholly owned subsidiary of the Crown Agents to a person other than—

(i)another wholly owned subsidiary of the Crown Agents; or

(ii)a person who is to hold it as nominee of the Crown Agents or of a wholly owned subsidiary of the Crown Agents;

(c)to form or take part in forming a body corporate; or

(d)to enter into a partnership or any other form of joint venture with any person other than a subsidiary of the Crown Agents.

(3)The Crown Agents—

(a)shall not have power in their own right—

(i)to acquire any land otherwise than for occupation or (as regards rights in or over land) enjoyment by the Crown Agents or a subsidiary of the Crown Agents; or

(ii)to guarantee any obligation (however arising) incurred by any other person not being such a subsidiary ; and

(b)except with the consent of the Minister, shall not have power in their own right to guarantee any obligation (however arising) incurred by such a subsidiary.

(4)Nothing in .this section shall—

(a)give the Crown Agents power to engage in their own right in any field of activity not expressly authorised by or under section 5 ; or

(b)preclude the Crown Agents from holding any property or right, meeting any liability or fulfilling any obligation which under section 2 vests in them on the appointed day.

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