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

208

*Clause     899,     page     447,     line     8,     at end insert—

    '(9)   The provisions of this section shall also extend to—

      (a) preliminary statements of results and other announcements to the market by listed companies permitted or required by the Disclosure Rules and the Transparency Rules,

      (b) companies with securities quoted on the Alternative Investment Market (AIM), and

      (c) companies admitted to trading on an EEA regulated market in situations when UK law is the applicable law.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

44

Clause     923,     page     457,     line     33,     leave out 'Company Law Reform' and insert 'Companies'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

148

Clause     142,     page     63,     line     38,     leave out subsection (5).


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

149

Clause     143,     page     64,     line     12,     leave out from beginning to end of line 13.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

150

Clause     144,     page     64,     line     28,     after 'force', insert 'unless, before section 142 comes into force, the company has appointed a natural person over the age 16 to be a further director.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

151

Clause     145,     page     64,     line     37,     leave out from first 'made' to end of line 38.

   

Margaret Hodge

104

Clause     145,     page     65,     line     4,     leave out 'altering' and insert 'amending'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

152

Clause     147,     page     65,     line     33,     at end insert—

    '(7)   An alternative director is not to be treated as a director for the purposes of—

      (a) sections 147 to 149 (register of directors),

      (b) section 150 (register of directors' residential addresses), and

      (c) section 152 (duty to notify registrar of changes);

    if he is so appointed for less than 1 month.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

153

Clause     152,     page     67,     line     32,     leave out 'Notice' and insert 'Notices'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

157

Clause     153,     page     68,     leave out line 7.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

158

Clause     154,     page     69,     line     7,     at end insert 'or require that the meeting be adjourned to a date not earlier than 14 days after his representations have been circulated.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

160

Clause     156,     page     69,     leave out lines 28 and 29.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

161

Clause     156,     page     69,     line     30,     leave out subsection (3).

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

162

Clause     156,     page     69,     line     31,     leave out 'apply' and insert 'applied prior to the entry into force of this Act'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

159

Clause     156,     page     69,     line     31,     leave out from 'directors' to end of line 32.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

163

Clause     156,     page     69,     line     33,     leave out subsection (4).

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

164

Clause     156,     page     69,     line     37,     leave out subsection (5).


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

40

Clause     158,     page     70,     line     7,     after 'faith', insert 'and as appropriate for the size of the company'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

39

Clause     158,     page     70,     line     9,     leave out from 'whole,' to end of line and insert 'having regard, insofar as he considers it relevant, to the following factors (amongst others)—'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

166

Clause     158,     page     70,     line     9,     after 'to', insert 'what he considers, in good faith, to be'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

41

Clause     158,     page     70,     line     18,     at end insert ', and

      (g) all other common law duties of directors.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

42

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

    '(3A)   The duties implied by this section shall not apply to small and medium sized companies.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

43

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

    '(3B)   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

165

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

    '( )   The duty to promote the success of the company shall be paramount.'.


   

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.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

206

*Clause     216,     page     98,     line     36,     at end insert—

    '(5)   This section does not apply to a provision made by a company ("Company A") in respect of a director of an associated company of Company A—

      (a) if the associated company is a wholly owned subsidiary of Company A, or

      (b) to the extent that the associated company is acting or, otherwise than in bad faith, purporting to act as a trustee of an occupational pension scheme.'.


   

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.'.

 
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Prepared 15 Jun 2006