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Commonwealth Development Corporation Act 1999


Section 25: Interpretation: companies and shares

62.The purpose of section 24 is to explain what is meant in the Act by a wholly Government-owned company and an associated company. Following the creation of share capital, the Government will continue to wholly own the Corporation when the Secretary of State (or his nominee) is the only shareholder. This section also describes the mechanism by which a company becomes “associated” with CDC. There are various consequences in the Act for a company which is associated with CDC: in particular it can be subject to the powers described in sections 16 and 17. In order for a company to acquire the status of associated company it must be wholly owned by the Crown (within the meaning given in the Act) and must be designated as such by order of the Secretary of State made by statutory instrument. The purpose of subsection (5) is to deal with the case of CDC’s investments. CDC wholly owns, as part of its investment portfolio, certain overseas companies. It is not intended that these companies should be designated “associated” companies, and, for the avoidance of doubt, this subsection allows that possibility to be formally excluded; if those companies are designated under this subsection there is no possibility of them being designated “associated”.

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