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(1)The following provisions have effect in relation to the Crown Agents Holding and Realisation Board as from the appointed day.
(2)In section 25 of the Crown Agents Act 1979, for subsection (2) substitute—
“(2)The Board shall consist of not less than two nor more than ten members appointed by the Secretary of State; and the Secretary of State shall appoint one member to be the chairman, and another member to be the deputy chairman, of the Board.”.
(3)For paragraph 1 of Schedule 5 to the Crown Agents Act 1979 substitute—“ Appointment and tenure of members
1Paragraphs 1 to 6 of Schedule 1 shall apply to the Board as they apply to the Crown Agents.”.
(4)For paragraph 2 of Schedule 5 to the M1Crown Agents Act 1979 substitute—“ Remuneration, &c.
2(1)The Board shall pay to each of their members such remuneration and such reasonable allowances in respect of expenses as the Secretary of State may determine.
(2)If the Secretary of State so determines in the case of a person who is or has been a member of the Board, the Board shall pay or make arrangements for the payment of such pension to or in respect of that person as the Secretary of State may determine.
(3)Where a person ceases to be a member of the Board otherwise than on the expiry of his term of office and it appears to the Secretary of State that there are special circumstances which make it right for that person to receive compensation, the Secretary of State may direct the Board to make to that person a payment of such amount as the Secretary of State may determine.”.
(5)For paragraph 4 of Schedule 5 to the M2Crown Agents Act 1979 substitute—“ Performance of functions
4The Board may authorise any person to perform on behalf of the Board any of the Board’s functions, other than a function in respect of which the Secretary of State has instructed the Board that no such authorisation is to be given.”.
(6)In paragraph 7(4)(b) of Schedule 5 to the Crown Agents Act 1979 for “the officer of the Crown Agents acting for the Board who so corresponds” substitute “the Chairman of the Board”.
(7)In paragraph 8 of Schedule 5 to the M3Crown Agents Act 1979, in sub-paragraph (3) (ancillary powers exercisable with consent of Secretary of State), after paragraph (g) insert—
“(h)to employ staff;
(i)to incur expenses in respect of office accommodation, office equipment or other office facilities;
(j)to engage the services of any person as consultant or adviser to the Board.”;
and omit sub-paragraphs (4) and (5).
(8)The repeal by this Act of any provision of the Crown Agents Act 1979 relating to the Crown Agents which is applied by any provision of that Act in relation to the Crown Agents Holding and Realisation Board does not affect its continued operation as so applied.
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