Commonwealth Development Corporation Act 1999

1 Initial steps by Secretary of State

(1) The Secretary of State may determine a day for the filing of documents by the Commonwealth Development Corporation.

(2) Before the filing day the Secretary of State shall write to the Corporation—

(a) giving notice of the filing day,

(b) nominating persons to be the Corporation’s directors on registration, and

(c) nominating a person to be its secretary on registration.

(3) Before the filing day the Secretary of State shall make an order—

(a) specifying the Corporation’s accounting reference date after registration, and

(b) providing for the allotment of shares on registration.

(4) The Secretary of State shall consult the Corporation before—

(a) determining the filing day,

(b) making a nomination under subsection (2)(b) or (c), or

(c) making an order under subsection (3).

(5) An order under subsection (3)(b) shall—

(a) nominate persons to whom shares are to be allotted (who may include the Secretary of State), and

(b) in the case of each person nominated, specify the number and nominal value of the shares to be allotted.

(6) The aggregate nominal value of the shares to be allotted by virtue of an order under subsection (3)(b) shall not be less than the authorised minimum.

(7) In this Act—

• “the Corporation” means the Commonwealth Development Corporation,

• “the filing day” means a day determined under subsection (1), and

• “registration” means registration of the Corporation’s memorandum and articles of association under the [1985 c. 6.] Companies Act 1985 by virtue of section 4 of this Act.