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Commonwealth Development Corporation Act 1999

Commonwealth Development Corporation Act 1999

1999 CHAPTER 20

Commentary on Sections

Registration under the Companies Act 1985

Section 1: Initial steps

13.Section 1 gives the Secretary of State the power to determine the day on which CDC is to file certain documents with the registrar and lists the steps to be taken by the Secretary of State, in consultation with CDC, prior to the day for the filing of documents with the registrar. The steps include nominating the directors and company secretary, and nominating (with the consent of the Treasury: see section 22(1)(a)) the persons to whom shares are to be initially allotted. The “authorised minimum” referred to in subsection (6) of section 1 is defined in section 118 of the Companies Act 1985 and is currently £50,000. The reason for having this provision is that under EC law all public companies are required to have an allotted share capital of at least this amount.

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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.

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