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Commonwealth Development Corporation Act 1999

Financial assistance by Government

Section 14: Waiver of payments

44.This section enables the Secretary of State to waive the requirement for CDC to repay “advances” or to make payments in respect of sums issued to meet guarantees while CDC is wholly owned by Government. Registration in itself will not change CDC’s financial relationship with Government. However, in the period after registration and while CDC remains wholly Government-owned some restructuring will take place, once CDC has assumed the legal structure of a public limited company. This section will assist in that financial restructuring. This power may in practice be used in conjunction with sections 16 and 17 of the Act, so that, as existing debt owed to the Government (see paragraph 32 above) is written off under this section, securities may be issued by CDC to the Secretary of State (or persons nominated by him) under those sections.

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