| Description | Includes, general background information on policy and definition, delegation of powers, legal basis, considerations for outward direct investment applications, EEC (European Economic Community) and OECD (Organisation for Economic Co-operation and Development); development of the Outward Direct Investment Rules, including the origin of the Foreign Exchange Control Committee (FECC), 'Capital Sterling' and Canada; chronology and changes in the Bank's administrative exchange control structure; supervision of foreign subsidiaries and branches, including the 1961 measures and policy, the 'section 30 machine', calculation of the two-thirds requirement and compliance, sales subsidiaries and other exceptions, territorial aspects, use of retained earnings for expansion abroad, 'upstream' loans and local borrowing; disinvestment, including the treatment of disinvestment proceeds as investment currency and retention for further investment abroad, sales of direct investments between UK residents, payments to meet outstanding liabilities on disinvestments and to avert liquidation. |