|
| |
| | |
| |
Growth and Infrastructure Bill |
|
MARSHALLED LIST OF MOTIONS AND AMENDMENTS TO BE MOVED ON |
|
CONSIDERATION OF COMMONS INSISTENCE AND AMENDMENTS TO |
|
WORDS SO RESTORED TO THE BILL |
|
[The page and line references are to HL Bill 72, the bill as first printed for the Lords.] |
|
|
|
|
|
25 | |
| | COMMONS DISAGREEMENT AND REASON |
|
| | The Commons disagree to Lords Amendment No. 25 for the following Reason— |
|
25A | Because the new status of employee shareholder should be made available. |
|
| | LORDS INSISTENCE AND REASON |
|
| | The Lords insist on their Amendment No. 25 for the following Reason— |
|
25B | Because it is inappropriate for employees to be exempted from statutory employment rights |
|
| | |
| | COMMONS INSISTENCE AND AMENDMENTS TO WORDS SO RESTORED TO THE BILL |
|
| | The Commons insist on their disagreement to Lords Amendment No. 25 but propose the |
|
| | following amendments to the words restored to the Bill by that disagreement— |
|
25C | Page 34, line 13, after “£2,000,” insert— |
|
| | “(ca) | the company gives the individual a written statement of the |
|
| | particulars of the status of employee shareholder and of the |
|
| |
| | |
|
| |
| | |
| | |
| |
| | rights which attach to the shares referred to in paragraph (b) |
|
| | (“the employee shares”) (see subsection (4A)),” |
|
25D | Page 34, line 38, at end insert— |
|
| | “(4A) | The statement referred to in subsection (1)(ca) must— |
|
| | (a) | state that, as an employee shareholder, the individual would not |
|
| | have the rights specified in subsection (2), |
|
| | (b) | specify the notice periods that would apply in the individual’s case |
|
| | as a result of subsections (3) and (4), |
|
| | (c) | state whether any voting rights attach to the employee shares, |
|
| | (d) | state whether the employee shares carry any rights to dividends, |
|
| | (e) | state whether the employee shares would, if the company were |
|
| | wound up, confer any rights to participate in the distribution of any |
|
| | |
| | (f) | if the company has more than one class of shares and any of the |
|
| | rights referred to in paragraphs (c) to (e) attach to the employee |
|
| | shares, explain how those rights differ from the equivalent rights |
|
| | that attach to the shares in the largest class (or next largest class if |
|
| | the class which includes the employee shares is the largest), |
|
| | (g) | state whether the employee shares are redeemable and, if they are, |
|
| | |
| | (h) | state whether there are any restrictions on the transferability of the |
|
| | employee shares and, if there are, what those restrictions are, |
|
| | (i) | state whether any of the requirements of sections 561 and 562 of the |
|
| | Companies Act 2006 are excluded in the case of the employee |
|
| | shares (existing shareholders’ right of pre-emption), and |
|
| | (j) | state whether the employee shares are subject to drag-along rights |
|
| | or tag-along rights and, if they are, explain the effect of the shares |
|
| | |
25E | Page 34, line 38, at end insert— |
|
| | “( ) | Where a company makes an offer to an individual for the individual to |
|
| | become an employee shareholder, an acceptance by the individual of the |
|
| | offer is of no effect unless seven days have passed since the day on which |
|
| | |
25F | Page 35, line 23, at end insert— |
|
| | | ““drag-along rights”, in relation to shares in a company, means the right of |
|
| | the holders of a majority of the shares, where they are selling their shares, |
|
| | to require the holders of the minority to sell theirs;”” |
|
25G | Page 35, line 25, at end insert— |
|
| | | ““tag-along rights”, in relation to shares in a company, means the right of |
|
| | the holders of a minority of the shares to sell their shares, where the holders |
|
| | of the majority are selling theirs, on the same terms as those on which the |
|
| | holders of the majority are doing so” |
|
| | |
| | Baroness Hanham to move, That this House do not insist on its Amendment 25, |
|
| | to which the Commons have disagreed for their Reason 25A, do agree with the |
|
| | Commons in their Amendments 25C, 25D, 25F and 25G to the words restored to |
|
| |
| | |
|
| |
| | |
| | |
| |
| | the Bill by that disagreement, and do disagree with the Commons in their |
|
| | Amendment 25E to the words so restored but do propose the following Amend |
|
| | |
25H | Page 34, line 38, at end insert— |
|
| | “( ) | Where a company makes an offer to an individual for the |
|
| | individual to become an employee shareholder, an acceptance by |
|
| | the individual of the offer is of no effect unless seven days have |
|
| | passed since the day on which the offer was made. |
|
| | ( ) | Agreement between a company and an individual that the |
|
| | individual is to become an employee shareholder is of no effect |
|
| | unless, before the agreement is made, the individual receives |
|
| | advice from a relevant independent adviser as to the terms and |
|
| | effect of the proposed agreement. |
|
| | ( ) | Any reasonable costs incurred by the individual in obtaining the |
|
| | advice (whether or not the individual becomes an employee |
|
| | shareholder) which would, but for this subsection, have to be met |
|
| | by the individual are instead to be met by the company.” |
|
25J | Page 35, line 25, at end insert— |
|
| | ““relevant independent adviser” has the meaning that it has |
|
| | for the purposes of section 203(3)(c);” |
|
| | |
| | Lord Pannick to move, as an amendment to Motion A, leave out from “House” |
|
| | to end and insert “do insist on their Amendment 25 to which the Commons have |
|
| | disagreed and do disagree with the Commons in their Amendments 25C to 25G |
|
| | |
| |
| | |
