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Commonwealth Development Corporation Act 1999

The Act

7.The Act has three main areas:

  • provision for the process of registering CDC as a plc (sections 1 to 7);

  • provision relating to the financial relationship between the Government and CDC in the period leading up to the sale of shares to private investors (sections 8 to 17); and

  • the entrenchment of the Government’s involvement in CDC so that the Secretary of State cannot lose his special share, vary his rights relating to that share, or reduce his shareholding in CDC below 25%, without Parliamentary approval (section 18).

8.It also makes certain connected and supplementary provision, including expanding CDC’s powers in the period before registration and broadening the scope of the information and assistance it may be required to give to the Secretary of State in preparing for the Partnership during that period.

9.The Act does not include provisions determining the relationship between CDC plc and Government under the subsequent Public/Private Partnership or list the reserved rights of the Golden Shareholder (the Secretary of State).

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