Amendments proposed to the Company Law Reform Bill [Lords] - continued House of Commons

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Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

43

Clause     158,     page     70,     line     25,     at end insert—

    '(5)   None of the duties set out in or implied by this section shall take priority over any of the other duties.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

167

*Clause     161,     page     71,     line     29,     at end insert—

    '(8)   Where a conflict or potential conflict arises because of multiple directorships, the duty is not infringed if the director ensures there is no disadvantage to the interests of the company.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

155

Clause     162,     page     71,     line     31,     after 'benefit', insert 'of more than £1,000'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

154

Clause     162,     page     71,     line     44,     at end insert—

    '(6)   This duty is not infringed if the acceptance of the benefit is proved by the board of the company.'.


   

David Howarth
Lorely Burt
Mark Hunter

177

*Clause     399,     page     183,     line     12,     leave out 'is to inform' and insert 'includes informing'.

   

David Howarth
Lorely Burt
Mark Hunter

180

*Clause     399,     page     183,     line     12,     leave out 'and help' and insert ', helping'.

   

David Howarth
Lorely Burt
Mark Hunter

181

*Clause     399,     page     183,     line     14,     at end insert 'assisting potential investors to decide whether to invest in the company and assisting potential customers to decide whether to purchase the company's goods or services'.

   

David Howarth
Lorely Burt
Mark Hunter

178

*Clause     399,     page     183,     line     24,     leave out from 'must' to 'include' in line 26.

   

David Howarth
Lorely Burt
Mark Hunter

179

*Clause     399,     page     183,     line     39,     leave out from 'must' to 'include' in line 40.


   

Margaret Hodge

108

Clause     542,     page     261,     line     39,     leave out 'alters' and insert 'amends'.


   

Margaret Hodge

109

Clause     564,     page     272,     line     20,     leave out 'alteration' and insert 'amendment'.


   

Margaret Hodge

110

Clause     565,     page     273,     line     3,     leave out 'alteration' and insert 'amendment'.


   

Margaret Hodge

111

Clause     576,     page     282,     line     8,     leave out 'alters' and insert 'amends'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

71

Clause     138,     page     61,     line     31,     leave out from beginning to 'deemed' and insert 'Where a company is entitled by virtue of paragraph 7(2) of Schedule 7 to use electronic communications, the company is then'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

74

Clause     138,     page     61,     line     31,     leave out subsections (1), (2) and (3) and insert—

    '(1)   The Secretary of State shall by regulations, make provision to ensure that a nominated person, where he—

      (a) is the beneficial owner of the interest in the company;

      (b) retains the right to transfer or otherwise dispose of the whole or part of that person's beneficial interest in the company;

      (c) has elected to:

      (i) receive documents and information that the member is entitled to receive from the company; and

      (ii) enjoy or exercise all or any specified rights of the member in relation to the company if he so wishes; and

      (d) is entitled to—

      (i) receive all the documents and information that the member is entitled to receive from the company; and

      (ii) enjoy or exercise all other rights of the member in relation to the company.

    (2)   These regulation shall apply, in particular, to the rights conferred by—

      (a) in the case of subsection 1(a)—

      (i) sections 268 and 270 (right to be sent proposed written resolution);

      (ii) section 286 (right to notice of general meetings);

      (iii) section 399 (right to be sent a copy of annual accounts and reports).

      (b) in the case of subsection 1(b)—

      (i) section 269 (right to require circulation of written resolution);

      (ii) section 279 (right to require directors to call general meeting);

      (iii) section 290 (right to require circulation of a statement);

      (iv) section 299 (right to appoint proxy to act at meeting);

      (v) section 313 (right to require circulation of resolution for AGM of public company); and

      (vi) all such other rights (not within subsection 1(a)) as a member would otherwise enjoy (in accordance with any provision of the Companies Acts).

    (3)   The regulations referred to in subsection (1)—

      (a) shall be made by statutory instrument before 1st May 2008, and

      (b) may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

68

Clause     138,     page     61,     line     31,     after 'companies', insert 'whose shares are'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

69

Clause     138,     page     61,     line     34,     leave out paragraphs (a) and (b) and insert—

      '(a) receive all the documents and information that the member is entitled to receive from the company; and

      (b) enjoy or exercise all other rights of the member in relation to the company'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

70

Clause     138,     page     62,     line     3,     leave out subsection (3) and insert—

    '(3)   This applies, in particular, to the rights conferred by—

      (a) in the case of subsection 1(a)—

      (i) sections 268 and 270 (right to be sent proposed written resolution);

      (ii) section 286 (right to notice of general meetings);

      (iii) section 399 (right to be sent a copy of annual accounts and reports);

      (b) in the case of subsection 1(b);

      (i) section 269 (right to require circulation of written resolution);

      (ii) section 279 (right to require directors to call general meeting);

      (iii) section 290 (right to require circulation of a statement);

      (iv) section 299 (right to appoint proxy to act at meeting);

      (v) section 313 (right to require circulation of resolution of AGM of public company); and

      (vi) all such other rights (not within subsection 1(a)) as a member would otherwise enjoy (in accordance with any provision of the Companies Acts).'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

72

Clause     138,     page     62,     line     19,     at end insert—

    '(5)   For the purposes of section 138 of this Act, the nominated person shall include only those individuals, or their representatives, where:

      (a) the nominated person is the beneficial owner of the interest in the company;

      (b) the nominated person retains the right to transfer or otherwise dispose of the whole or part of that person's beneficial interest in the company; and

      (c) the nominated person has elected to

      (i) receive documents and information that the member is entitled to receive from the company; and

      (ii) be able to enjoy or exercise all or any specified rights of the member in relation to the company if he so wishes.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

73

Clause     138,     page     62,     line     19,     at end insert—

    '(6)   A member may only nominate a person whom the member knows or has reasonable cause to believe to be interested in the shares in relation to which the nomination will operate, or a person specified by that person.'.


NEW CLAUSES

Statement of capital required where company already has share capital

   

Margaret Hodge

NC5

To move the following Clause:—

    '(1)   A company which on re-registration under section 107 already has allotted share capital must within 15 days after the re-registration deliver a statement of capital to the registrar.

    (2)   This does not apply if the information which would be included in the statement has already been sent to the registrar in—

      (a) a statement of capital and initial shareholdings (see section 10), or

      (b) a statement of capital contained in an annual return (see section 638(2)).

    (3)   The statement of capital must state with respect to the company's share capital on re-registration—

      (a) the total number of shares of the company,

      (b) the aggregate nominal value of those shares,

      (c) for each class of shares—

      (i) prescribed particulars of the rights attached to the shares,

      (ii) the total number of shares of that class, and

      (iii) the aggregate nominal value of shares of that class, and

      (d) the amount paid up and the amount (if any) unpaid on each share (whether on account of the nominal value of the share or by way of premium).

    (4)   If default is made in complying this section, an offence is committed by—

      (a) the company, and

      (b) every officer of the company who is in default.

    (5)   A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.'.



 
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Prepared 13 Jun 2006