Government Resources and Accounts Act 2000
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Change 1
20 Investment by devolved administrations.
(1) Any of the following may incur expenditure for the purpose of investing in the body mentioned in section 16— (a) the Scottish Ministers, (b) the Northern Ireland departments, and (c) the National Assembly for Wales. (2) Subsection (1)— (a) shall have effect notwithstanding an enactment which restricts the activities of a person or body mentioned in that subsection to matters relating to a particular Part or area of the United Kingdom, and (b) shall not be construed as preventing or restricting any action which a person or body has power to take without reliance on that subsection. (3) The power under subsection (1) may be used only for the purpose of— (a) the acquisition from the Treasury of shares of a kind which are required by the body’s articles of association to be issued to the Treasury (and which may be transferred by the Treasury), and (b) such other forms of investment (whether by the acquisition of assets, securities, rights or otherwise) as the Treasury may specify by order. (4) An order under subsection (3)(b)— (a) may relate generally to persons and bodies mentioned in subsection (1) or to one or more specified persons or bodies, (b) may make different provision for different purposes, (c) shall be made by statutory instrument, and (d) shall be subject to annulment in pursuance of a resolution of either House of Parliament.
20 Investment by devolved administrations.
(1) Any of the following may incur expenditure for the purpose of investing in the body mentioned in section 16— (a) the Scottish Ministers, (b) the Northern Ireland departments, and (c) the National Assembly for Wales. (2) Subsection (1)— (a) shall have effect notwithstanding an enactment which restricts the activities of a person or body mentioned in that subsection to matters relating to a particular Part or area of the United Kingdom, and (b) shall not be construed as preventing or restricting any action which a person or body has power to take without reliance on that subsection. (3) The power under subsection (1) may be used only for the purpose of— (a) the acquisition from the Treasury of shares of a kind which are required by the body’s articles of association to be issued to the Treasury (and which may be transferred by the Treasury), and (b) such other forms of investment (whether by the acquisition of assets, securities, rights or otherwise) as the Treasury may specify by order. (4) An order under subsection (3)(b)— (a) may relate generally to persons and bodies mentioned in subsection (1) or to one or more specified persons or bodies, (b) may make different provision for different purposes, (c) shall be made by statutory instrument, and (d) shall be subject to annulment in pursuance of a resolution of either House of Parliament.
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