(1)Section 18 of LSA 2000 (supplementary functions of the Council) is amended as set out in subsections (2) and (3).
(2)In subsection (3), for paragraph (c), substitute—
“(c)to form, participate in forming or invest in a company unless the Secretary of State consents;
(d)to form, participate in forming or otherwise become a member of a charitable incorporated organisation (within the meaning of section 69A of the Charities Act 1993) unless the Secretary of State consents.”
(3)At the end, insert—
“(8)The reference in this section to investing in a company includes a reference to becoming a member of the company and to investing in it by the acquisition of any assets, securities or rights or otherwise.”
(4)In relation to the period beginning on 1st September 2000 and ending immediately before the coming into force of this section, the power conferred by section 18 of LSA 2000 is to be taken to have included power to form, participate in forming or become a member of a company limited by guarantee with the consent of the Secretary of State.