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Part of Orders of the Day — SCOTTISH DEVELOPMENT AGENCY (No. 2) BILL [Lords] – in the House of Commons at 12:00 am on 21st October 1975.

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Photo of Mr Bruce Millan Mr Bruce Millan , Glasgow Craigton 12:00 am, 21st October 1975

In its industrial functions the Scottish Development Agency will be expected to pay its way. It will not be subsidising industry but will be involved on a commercial basis. I have made that point many times at different stages of the Bill's progress through the House. Involvement on a commercial basis will be achieved by the determination of the financial duties of the Agency, and will be done by the Secretary of State under Clause 12. In the guidance to be provided for the Agency and to be available as a public document to hon. Members and others it will be made clear that the Agency is to act in a commercial way.

I deal first with new Clause 2. Government Amendment No. 7 provides that any enterprise established under Clause 2(2)(b) will be established by way of a company. Therefore, all the normal provisions of the Companies Act relating to the publication of accounts and so on will be attracted to enterprises established and carried on by the Agency. Under the provisions of the subsection information will automatically become available. There is no need to make special provisions for information to be made available when it will be made available in any case, particularly when we are dealing with companies which are under a legal obligation under the Companies Act to publish their accounts and give certain information.