Search Legislation

Commonwealth Development Corporation Act 1999


Section 22: Treasury Consent

59.The purpose of this section is to ensure that the Secretary of State can act only with the approval of Treasury in taking certain financial steps during the period in which the Corporation is wholly Government-owned or in buying securities in CDC plc after the sale of shares. The actions which need the Treasury's consent are:

  • making an order under section 1(3) to specify CDC’s accounting reference date and provide for the allotment of shares;

  • varying the terms of a loan under the 1978 Act, under section 8(2);

  • making a loan out of the NLF under section 9;

  • determining the terms of a loan under section 9, the terms of a guarantee under section 10 or the terms on which sums paid by the Secretary of State under a guarantee will be repaid to him;

  • determining how to calculate the sterling equivalent of any sum (section 15);

  • giving a guarantee under section 10;

  • forgiving a debt owed to the Government, under section 14;

  • directing the issue of securities etc. under section 16;

  • acquiring securities etc. under section 17;

  • disposing of securities acquired under section 6, 16 or 17;

  • issuing a direction under section 19 to certain persons holding securities etc.

Back to top


Print Options


Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.


More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources