House of Commons Amendments

Session 2014 - 15
Internet Publications
Other Bills before Parliament

Consideration of Bill:
886

, continued

Secretary Vince Cable

Schedule  3,  page  169,  line  30,  at end insert—

Holding an interest in a company etc

Introduction

8A
This Part of this Schedule specifies the circumstances in which, for the

purposes of section 790C(5) or (10)—

(a)
a person (“V”) is to be regarded as holding an interest in a company

(“company W”);

(b)
an interest held by V in company W is to be regarded as held through

a legal entity.

Holding an interest

8B  (1)
V holds an interest in company W if—

(a)
V holds shares in company W, directly or indirectly,

(b)
V holds, directly or indirectly, voting rights in company W,

(c)
V holds, directly or indirectly, the right to appoint or remove any

member of the board of directors of company W,

(d)
V has the right to exercise, or actually exercises, significant influence

or control over company W, or

(e)
sub-paragraph (2) is satisfied.

      (2)
This sub-paragraph is satisfied where—

(a)
the trustees of a trust or the members of a firm that, under the law by

which it is governed, is not a legal person hold an interest in company

W in a way mentioned in sub-paragraph (1)(a) to (d), and

(b)
V has the right to exercise, or actually exercises, significant influence

or control over the activities of that trust or firm.

Interests held through a legal entity

8C  (1)
This paragraph applies where V—

(a)
holds an interest in company W by virtue of indirectly holding shares

or a right, and

(b)
does so by virtue of having a majority stake (see paragraph 15) in—

(i)
a legal entity (“L”) which holds the shares or right directly, or

(ii)
a legal entity that is part of a chain of legal entities such as is

described in paragraph 15(1)(b) or (2)(b) that includes L.

      (2)
Where this paragraph applies, V holds the interest in company W—

(a)
through L, and

(b)
through each other legal entity in the chain mentioned in sub-

paragraph (1)(b)(ii).”

Member’s explanatory statement

This amendment inserts new Part 1A to Schedule 1A. Part 1A specifies what is meant by holding

an interest in a company, including through a relevant legal entity, for the purposes of determining

under section 790C whether a person is or is not “registrable”.

Consideration of Bill:
887

, continued

Secretary Vince Cable

Schedule  3,  page  169,  line  34,  at end insert—

“Joint interests

9A
If two or more persons each hold a share or right jointly, each of them is treated

for the purposes of this Schedule as holding that share or right.

Joint arrangements

9B  (1)
If shares or rights held by a person and shares or rights held by another person

are the subject of a joint arrangement between those persons, each of them is

treated for the purposes of this Schedule as holding the combined shares or

rights of both of them.

      (2)
A “joint arrangement” is an arrangement between the holders of shares (or

rights) that they will exercise all or substantially all the rights conferred by

their respective shares (or rights) jointly in a way that is pre-determined by the

arrangement.

      (3)
“Arrangement” has the meaning given by paragraph 17.”

Member’s explanatory statement

This amendment inserts provisions in relation to joint interests and joint arrangements to Part 2

of Schedule 1A for the purpose of interpreting that Schedule.

Secretary Vince Cable

Schedule  3,  page  170,  line  1,  after “capital” insert “—

(a)
a reference to holding shares in that entity is to holding a right to share

in the capital or, as the case may be, profits of that entity;

(b)
”

Member’s explanatory statement

This amendment clarifies what is meant by a reference to holding shares in a legal entity that does

not have a share capital.

Secretary Vince Cable

Schedule  3,  page  170,  line  11,  after “rights” insert “—

(a)
a reference to exercising voting rights in the entity is to be read as a

reference to exercising rights in relation to the entity that are

equivalent to those of a person entitled to exercise voting rights in a

company;

(b)
”

Member’s explanatory statement

This amendment clarifies what is meant by a reference to exercising voting rights in a legal entity

that does not have general meetings where matters are decided by the exercise of voting rights.

Secretary Vince Cable

Schedule  3,  page  170,  line  35,  leave out from “person” to “if” in line 36 and insert

“holds a right “indirectly” ”

Member’s explanatory statement

This amendment is consequential on amendment 84.

Consideration of Bill:
888

, continued

Secretary Vince Cable

Schedule  3,  page  170,  line  38,  leave out from “(a)” to “that” and insert “holds”

Member’s explanatory statement

This amendment is consequential on amendment 84.

Secretary Vince Cable

Schedule  3,  page  170,  line  43,  leave out from “which” to “that” in line 44 and insert

“holds”

Member’s explanatory statement

This amendment is consequential on amendment 84.

Secretary Vince Cable

Schedule  3,  page  171,  line  17,  leave out from beginning to end of line 19 and

insert—

“Shares held by nominees

15A
A share held by a person as nominee for another is to be treated for the

purposes of this Schedule as held by the other (and not by the nominee).

Rights treated as held by person who controls their exercise

16  (1)
Where a person controls a right, the right is to be treated for the purposes of

this Schedule as held by that person (and not by the person who in fact holds

the right, unless that person also controls it).

      (2)
A person “controls” a right if, by virtue of any arrangement between that

person and others, the right is”

Member’s explanatory statement

This amendment provides that where a share is held by a nominee on behalf of a person, the share

is treated as held by that person. Where a right held by a person is controlled by another person,

the right is treated as held by that other person.

Secretary Vince Cable

Schedule  3,  page  172,  leave out lines 30 to 41

Member’s explanatory statement

This amendment removes paragraphs 21 and 22 of Schedule 1A. Provision made in paragraphs

21 and 22 is now dealt with in the new paragraphs inserted by amendments 78 and 84.

Secretary Vince Cable

Schedule  3,  page  173,  leave out line 10

Member’s explanatory statement

This amendment is consequential on amendment 84.

Secretary Vince Cable

Schedule  3,  page  174,  line  25,  leave out “is entitled to exercise” and insert “holds”

Member’s explanatory statement

This amendment is consequential on amendment 84.

Consideration of Bill:
889

, continued

Secretary Vince Cable

Schedule  3,  page  174,  line  26,  leave out “is entitled to appoint or remove a

majority” and insert “holds the right to appoint or remove any member”

Member’s explanatory statement

This amendment is consequential on amendment 77.

Secretary Vince Cable

Schedule  3,  page  174,  line  29,  leave out “entitlement” and insert “right”

Member’s explanatory statement

This amendment is consequential on amendment 84.

Secretary Vince Cable

Schedule  3,  page  174,  line  31,  leave out from “is” to “and” in line 33 and insert “by

virtue of paragraph 15A or 16 of that Schedule, treated for the purposes of that Schedule

as held by a person other than the person who in fact holds the interest, both the holder”

Member’s explanatory statement

This amendment is consequential on amendment 84.

Order of the House [16 July 2014]

That the following provision shall apply to the Small Business, Enterprise and

Employment Bill—

Committal

1.
The Bill shall be committed to a Public Bill Committee.

Proceedings in Public Bill Committee

2.
Proceedings in the Public Bill Committee shall (so far as not previously

concluded) be brought to a conclusion on Thursday 6 November 2014.

3.
The Public Bill Committee shall have leave to sit twice on the first day on

which it meets.

Consideration and Third Reading

4.
Proceedings on Consideration shall (so far as not previously concluded) be

brought to a conclusion one hour before the moment of interruption on the

day on which those proceedings are commenced.

5.
Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion at the moment of interruption on that day.

6.
Standing Order No. 83B (Programming committees) shall not apply to

proceedings on Consideration and Third Reading.

Other Proceedings

7.
Any other proceedings on the Bill (including any proceedings on

consideration of Lords Amendments or on any further messages from the

Lords) may be programmed.

Consideration of Bill:
890

, continued

Small Business, Enterprise and Employment Bill (Programme)

(No. 2)

Secretary Vince Cable

That the Order of 16 July 2014 (Small Business, Enterprise and Employment Bill

(Programme)) be varied as follows:

1.
Paragraphs 4 and 5 of the Order shall be omitted.

2.
Proceedings on Consideration shall be taken on the days shown in the first

column of the following Table and in the order shown in that column.

3.
The proceedings shall (so far as not previously concluded) be brought to a

conclusion at the times specified in the second column of the Table.

          TABLE

First Day

Proceedings
Time for conclusion of proceedings

New Clauses, new Schedules and
4.00 pm on the first day

amendments relating to Part 4

New Clauses, new Schedules and
7.00 pm on the first day

amendments relating to Part 1;

New Clauses, new Schedules and

amendments relating to Part 2;

New Clauses new Schedules and

amendments relating to Part 3;

New Clauses, new Schedules and

amendments relating to Part 5;

New Clauses, new Schedules and

amendments relating to Part 6

Second Day

Proceedings
Time for conclusion of proceedings

New Clauses, new Schedules and
Two hours after commencement of

amendments relating to Part 11;
proceedings on Consideration on

New Clauses, new Schedules and
the second day.

amendments relating to Part 7;

New Clauses, new Schedules and

amendments relating to Part 8;

New Clauses, new Schedules and

amendments relating to Part 9;

New Clauses, new Schedules and

amendments relating to Part 10;

New Clauses, new Schedules and

amendments relating to Part 12;

remaining proceedings on

Consideration

Consideration of Bill:
891

, continued

4.
Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion three hours after the commencement of proceedings

on Consideration on the second day.



© Parliamentary copyright	Revised 18 November 2014