Commonwealth Development Corporation Act 1978
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Change 1
SCHEDULE 1 Supplementary provisions relating to the constitution etc. of the Commonwealth Development Corporation
1 (1) The Minister shall have power, exercisable by statutory instrument, to make regulations with respect to— (a) the appointment of the members of the Corporation, and their tenure and vacation of office; and (b) the execution of instruments and the mode of entering into contracts by and on behalf of the Corporation, and the proof of documents purporting to be executed, issued or signed by the Corporation or any of its members or officers; and, subject to the provisions of any regulations under this sub-paragraph, the Corporation shall have power to regulate its own procedure (including the manner in which matters subject to the determination of the Corporation are to be determined by or on behalf of the Corporation). (2) A statutory instrument containing regulations under sub-paragraph (1) above shall be subject to annulment in pursuance of a resolution of either House of Parliament. 2 The validity of any proceeding of the Corporation shall not be affected by any vacancy amongst its members, or by any defect in the appointment of any of them. 3 The Corporation shall pay to the members of the Corporation such remuneration and allowances as may be determined by the Secretary of State. 4 If in the case of any member of the Corporation it is determined by the Secretary of State to make provision for the payment on his death or retirement of a pension, gratuity, or other like benefit, the Corporation shall pay or provide for the payment of such pension, gratuity or other like benefit to him or to others by reference to his service as may be so determined. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. 6 The Corporation shall pay to its officers, servants and agents such remuneration as the Corporation may determine. 7 If in the case of any officers, servants or agents it is determined by the Corporation to make provision for the payment on their death, injury or retirement of pensions, gratuities or other like benefits, the Corporation shall pay or provide for the payment of such pensions, gratuities or other like benefits to them or to others by reference to their service as the Corporation may determine. 8 Provision for pensions, gratuities or other like benefits under this Schedule may be made either by contributory or by non-contributory arrangements or partly by the one and partly by the other. 9 The Corporation shall have power to do any thing and to enter into any transaction (whether or not involving expenditure, borrowing in accordance with the provisions of this Act in that behalf, lending or investment of money, the acquisition of any property or rights, or, subject to the provisions of section 5 of this Act, the disposal of any property or rights) which is incidental or conducive to the exercise of its powers under this Act. 10 The Corporation shall give effect to any directions given to it under this Act. 11 It is hereby declared that nothing in this Act exempts the Corporation from liability for any tax, duty, rate, levy or other charge whatsoever, whether general or local.
SCHEDULE 1 Supplementary provisions relating to the constitution etc. of the Commonwealth Development Corporation
1 (1) The Minister shall have power, exercisable by statutory instrument, to make regulations with respect to— (a) the appointment of the members of the Corporation, and their tenure and vacation of office; and (b) the execution of instruments and the mode of entering into contracts by and on behalf of the Corporation, and the proof of documents purporting to be executed, issued or signed by the Corporation or any of its members or officers; and, subject to the provisions of any regulations under this sub-paragraph, the Corporation shall have power to regulate its own procedure (including the manner in which matters subject to the determination of the Corporation are to be determined by or on behalf of the Corporation). (2) A statutory instrument containing regulations under sub-paragraph (1) above shall be subject to annulment in pursuance of a resolution of either House of Parliament. 2 The validity of any proceeding of the Corporation shall not be affected by any vacancy amongst its members, or by any defect in the appointment of any of them. 3 The Corporation shall pay to the members of the Corporation such remuneration and allowances as may be determined by the Secretary of State. 4 If in the case of any member of the Corporation it is determined by the Secretary of State to make provision for the payment on his death or retirement of a pension, gratuity, or other like benefit, the Corporation shall pay or provide for the payment of such pension, gratuity or other like benefit to him or to others by reference to his service as may be so determined. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. 6 The Corporation shall pay to its officers, servants and agents such remuneration as the Corporation may determine. 7 If in the case of any officers, servants or agents it is determined by the Corporation to make provision for the payment on their death, injury or retirement of pensions, gratuities or other like benefits, the Corporation shall pay or provide for the payment of such pensions, gratuities or other like benefits to them or to others by reference to their service as the Corporation may determine. 8 Provision for pensions, gratuities or other like benefits under this Schedule may be made either by contributory or by non-contributory arrangements or partly by the one and partly by the other. 9 The Corporation shall have power to do any thing and to enter into any transaction (whether or not involving expenditure, borrowing in accordance with the provisions of this Act in that behalf, lending or investment of money, the acquisition of any property or rights, or, subject to the provisions of section 5 of this Act, the disposal of any property or rights) which is incidental or conducive to the exercise of its powers under this Act. 10 The Corporation shall give effect to any directions given to it under this Act. 11 It is hereby declared that nothing in this Act exempts the Corporation from liability for any tax, duty, rate, levy or other charge whatsoever, whether general or local.
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