3 Remuneration etc. of members of the Corporation.

(1)

Schedule 1 to the M1Commonwealth Development Corporation Act 1978 (supplementary provisions relating to the constitution etc. of the Corporation) shall be amended as follows.

(2)

For paragraph 3 (which makes provision in relation to the remuneration and allowances of members of the Corporation) there shall be substituted the following paragraph—

“3

The Corporation shall pay to the members of the Corporation such remuneration and allowances as may be determined by the Secretary of State.”

(3)

In paragraph 4 (which makes provision in relation to the pensions etc. of members of the Corporation), for the words from “it is determined” to “make provision” there shall be substituted “ it is determined by the Secretary of State to make provision ”.

(4)

Paragraph 5 (which makes provision in relation to the remuneration and allowances of members of the Corporation who are employed about the affairs of the Corporation) shall cease to have effect.

(5)

Before paragraph 6 there shall be inserted the following paragraph—

“5A

If, when a person ceases to be a member of the Corporation, the Secretary of State determines that there are special circumstances which make it right that he should receive compensation, the Corporation shall pay to him a sum by way of compensation of such amount as the Secretary of State may determine.”