80.This section provides statutory authority for the Treasury to incur expenditure in respect of the establishment of a new body for the purpose of carrying on public-private partnership business and investment in and other financial provision for that body.
81.Subsection (1) provides authority for the Treasury to incur expenditure that may be required in order to establish a body for the purpose of carrying on public- private partnership business. The subsection authorises the Treasury to make a wide range of investments in that body by the acquisition of assets, securities and rights; in addition to company shares, the provision includes debt securities, options and subscriptions for shares. The subsection also authorises expenditure for other financial provision to be made in respect of the body and it is implicit that this may be made on terms and conditions.
82.Subsection (2) precludes the Treasury from investing in or making other financial provision for more than one body (subject to the flexibility allowed by the definition for this purpose of "body" in subsection 17(7)). The subsection also requires the investment and other financial provision to be made in connection with public-private partnership business which is carried on by the body or which is to be carried on by it, so that there must be a link between the investment or other provision and such business. The intended recipient body is currently known as Partnerships UK.
Commentary on Sections Section 16: Public-Private Partnerships – expenditure