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Growth and Infrastructure Bill |
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MARSHALLED LIST OF MOTIONS AND AMENDMENTS TO BE MOVED ON |
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CONSIDERATION OF COMMONS INSISTENCE AND AMENDMENTS TO |
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WORDS SO RESTORED TO THE BILL |
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[The page and line references are to HL Bill 72, the bill as first printed for the Lords.] |
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25 | |
| | COMMONS DISAGREEMENT AND REASON |
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| | The Commons disagree to Lords Amendment No. 25 for the following Reason— |
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25A | Because the new status of employee shareholder should be made available. |
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| | LORDS INSISTENCE AND REASON |
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| | The Lords insist on their Amendment No. 25 for the following Reason— |
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25B | Because it is inappropriate for employees to be exempted from statutory employment rights |
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| | COMMONS INSISTENCE AND AMENDMENTS TO WORDS SO RESTORED TO THE BILL |
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| | The Commons insist on their disagreement to Lords Amendment No. 25 but propose the |
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| | following amendments to the words restored to the Bill by that disagreement— |
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25C | Page 34, line 13, after “£2,000,” insert— |
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| | “(ca) | the company gives the individual a written statement of the |
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| | particulars of the status of employee shareholder and of the |
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| | rights which attach to the shares referred to in paragraph (b) |
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| | (“the employee shares”) (see subsection (4A)),” |
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25D | Page 34, line 38, at end insert— |
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| | “(4A) | The statement referred to in subsection (1)(ca) must— |
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| | (a) | state that, as an employee shareholder, the individual would not |
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| | have the rights specified in subsection (2), |
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| | (b) | specify the notice periods that would apply in the individual’s case |
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| | as a result of subsections (3) and (4), |
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| | (c) | state whether any voting rights attach to the employee shares, |
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| | (d) | state whether the employee shares carry any rights to dividends, |
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| | (e) | state whether the employee shares would, if the company were |
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| | wound up, confer any rights to participate in the distribution of any |
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| | (f) | if the company has more than one class of shares and any of the |
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| | rights referred to in paragraphs (c) to (e) attach to the employee |
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| | shares, explain how those rights differ from the equivalent rights |
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| | that attach to the shares in the largest class (or next largest class if |
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| | the class which includes the employee shares is the largest), |
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| | (g) | state whether the employee shares are redeemable and, if they are, |
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| | (h) | state whether there are any restrictions on the transferability of the |
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| | employee shares and, if there are, what those restrictions are, |
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| | (i) | state whether any of the requirements of sections 561 and 562 of the |
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| | Companies Act 2006 are excluded in the case of the employee |
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| | shares (existing shareholders’ right of pre-emption), and |
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| | (j) | state whether the employee shares are subject to drag-along rights |
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| | or tag-along rights and, if they are, explain the effect of the shares |
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25E | Page 34, line 38, at end insert— |
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| | “( ) | Where a company makes an offer to an individual for the individual to |
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| | become an employee shareholder, an acceptance by the individual of the |
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| | offer is of no effect unless seven days have passed since the day on which |
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25F | Page 35, line 23, at end insert— |
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| | | ““drag-along rights”, in relation to shares in a company, means the right of |
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| | the holders of a majority of the shares, where they are selling their shares, |
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| | to require the holders of the minority to sell theirs;”” |
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25G | Page 35, line 25, at end insert— |
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| | | ““tag-along rights”, in relation to shares in a company, means the right of |
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| | the holders of a minority of the shares to sell their shares, where the holders |
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| | of the majority are selling theirs, on the same terms as those on which the |
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| | holders of the majority are doing so” |
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| | Baroness Hanham to move, That this House do not insist on its Amendment 25, |
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| | to which the Commons have disagreed for their Reason 25A, do agree with the |
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| | Commons in their Amendments 25C, 25D, 25F and 25G to the words restored to |
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| | the Bill by that disagreement, and do disagree with the Commons in their |
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| | Amendment 25E to the words so restored but do propose the following Amend |
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25H rev | Page 34, line 38, at end insert— |
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| | “( ) | Agreement between a company and an individual that the |
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| | individual is to become an employee shareholder is of no effect |
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| | unless, before the agreement is made— |
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| | (a) | the individual, having been given the statement referred to |
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| | in subsection (1)(ca), receives advice from a relevant |
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| | independent adviser as to the terms and effect of the |
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| | (b) | seven days have passed since the day on which the |
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| | individual receives the advice. |
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| | ( ) | Any reasonable costs incurred by the individual in obtaining the |
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| | advice (whether or not the individual becomes an employee |
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| | shareholder) which would, but for this subsection, have to be met |
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| | by the individual are instead to be met by the company.” |
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25J | Page 35, line 25, at end insert— |
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| | ““relevant independent adviser” has the meaning that it has |
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| | for the purposes of section 203(3)(c);” |
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| | Lord Pannick to move, as an amendment to Motion A rev, leave out from |
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| | “House” to end and insert “do insist on their Amendment 25 to which the Com |
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| | mons have disagreed and do disagree with the Commons in their Amendments |
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| | 25C to 25G in lieu thereof” |
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| | Lord Lea of Crondall to move, as an amendment to Motion A rev, at end insert— |
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25K | Page 35, line 28, at end insert— |
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| | “( ) | For the avoidance of doubt, nothing in this section shall create a |
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| | category of job vacancy which is solely an “employee shareholder |
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