20.This section sets out the matters which occur on CDC’s registration under the Companies Act 1985 and makes provision for the consequences of CDC’s transformation. Subsection (1) provides for certain modifications to the Companies Act 1985 to take effect on registration. These are described in more detail in paragraphs 69 to 85 below. Subsection (2) provides for the repeal of CDC’s present constitution (with the exceptions indicated) under the 1978 Act to occur at the time of registration, i.e. the time at which it acquires its new constitution appropriate to a plc, so that on registration CDC effectively “swaps” constitutions.
21.Subsection (3) provides for CDC to be known by the name in its memorandum. The preservation of section 28 in this subsection makes it clear that CDC is nevertheless free, as is any other company registered under the Companies Act 1985, to change its name in accordance with the provisions of that Act.
22.Subsection (4) is modelled on section 13(5) of the Companies Act 1985 and provides for those persons nominated by the Secretary of State under section 1 of the Act to take up their offices on CDC’s registration.
Commentary on Sections Registration under the Companies Act 1985 Section 5: Effect of registration