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Commonwealth Development Corporation Act 1999

Miscellaneous

Section 19: Securities held by or for Crown

57.Section 19 stipulates that the proceeds of the sale of shares in CDC or income received by the Secretary of State (or a person nominated by the Secretary of State) from dividends or securities should be paid into the Consolidated Fund. It also provides that a person holding securities-

  • by virtue of section 6, under the initial share allotment, or

    • on behalf of the Secretary of State by virtue of a direction of his under section 16, or

  • acquired by virtue of section 17,

shall deal with them as the Secretary of State may (with the consent of the Treasury) direct.

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