94.This section enables each of the devolved administrations, that is, the Scottish Ministers, the Northern Ireland departments and the National Assembly for Wales, to invest in the body mentioned in section 16 which is currently known as Partnerships UK PLC. Subsection (1) confers this power.
95.Subsection (2)(a) makes it clear that the power to invest is available to each of the devolved administrations despite the existence in force of any enactment which would otherwise limit their activities to matters relating to a particular Part (i.e. Scotland or Northern Ireland) or area (i.e. Wales) of the United Kingdom. This issue arises because the body mentioned in section 16 may operate throughout the United Kingdom and abroad. Subsection (2)(b) makes it clear that the power to invest under subsection (1) is in addition to any investment power which each of the devolved administrations may have apart for that subsection.
96.Subsection (3)(a) provides that the devolved administrations may under this section invest in the same class of shares as must be issued to the Treasury under the body's articles of association. This means that the devolved administrations will hold the same class of shares as the Treasury. By virtue of subsection (3)(b) they may also make such other forms of investment, such as, for example, investment in debt securities, as the Treasury may by order specify.
97.Subsection (4) contains details of the order-making power mentioned in subsection (3)(b). By virtue of subsection (4)(a) an order may apply to one or more of the devolved administrations and by virtue of subsection (4)(b) it may permit different investments for the different devolved administrations. Subsections (4)(c) and (d) provide that an order will be made by statutory instrument subject to the negative resolution procedure.
Commentary on Sections Section 20: Public-Private Partnerships – investment by devolved administrations