Condition for exercise of power to increase limit: prohibition on investment in certain sectors

Part of Commonwealth Development Corporation Bill – in a Public Bill Committee at 4:15 pm on 6 December 2016.

Alert me about debates like this

“After section 15 of the Commonwealth Development Corporation Act 1999 (limit on government assistance), insert—

“15A Condition for exercise of power to increase limit: prohibition on investment in certain sectors

(1) The Secretary of State may only lay a draft of regulations under section 15(4) before the House of Commons if he is satisfied that the condition in subsection (2) is met.

(2) That condition is that any new investment enabled by the proposed increase in the current limit at the time is not in any of the following sectors—

(a) the for profit education sector,

(b) the for profit health sector,

(c) the real estate sector,

(d) mineral extraction.

(3) In this section, “the current limit at the time” means—

(a) prior to the making of any regulations under section 15(4), £6,000 million,

(b) thereafter, the limit set in regulations made under section 15(4) then in force.””—

This new clause would prohibit any new investment arising from any increase in the limit on government assistance under regulations under section 15(4) from being in the for profit education sector, the for profit health sector, real estate or mineral extraction.