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

276

*Clause     174,     page     77,     line     46,     at end insert—

    '(8)   Any accidental failure in the procedures to submit a memorandum under the provisions of subsection (5) shall not invalidate the approval of the guaranteed term.'.

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Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

277

*Clause     191,     page     86,     line     19,     leave out '£10,000' and insert '£50,000'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

278

*Clause     191,     page     86,     line     26,     leave out '£15,000' and insert '£50,000'.

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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.'.

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Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

258

Clause     225,     page     103,     line     7,     leave out paragraph (b).

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

279

*Clause     225,     page     103,     line     8,     at end insert 'save as otherwise provided for in this Act or regulations made pursuant to this Act.'.

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Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

280

*Clause     397,     page     182,     line     25,     after 'reasonable', insert 'and appropriate'.

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Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

281

*Clause     399,     page     183,     line     9,     leave out 'business' and replace with 'directors' duties'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

282

*Clause     399,     page     183,     line     12,     leave out subsection (2) and insert—

    '(2)   The purpose of the business review is to inform members of the company and to help them assess how the company has performed.'.

   

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'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

283

*Clause     399,     page     183,     line     16,     after 'fair', insert 'and reasonable'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

295

*Clause     399,     page     183,     line     16,     at end insert—

    '(11)   The directors responsible for preparing the review shall not be liable as a result of—

(a)	the review not complying with the provisions of this section relating to the preparation and contents of the review; or

(b)	any statement in the review being true or misleading.

    (12)   Subsection (11) does not apply if the directors who signed the directors' report in accordance with section 392 knew that the provisions of this section relating to the preparation and contents of the review were not complied with or that any statement in the review was untrue or misleading.

    (13)   Noting in this section shall impose upon any person responsible for preparing the business review a duty to update any statement which has been included in the review.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

296

*Clause     399,     page     183,     line     17,     at end insert—

    '( )   "Future", in relation to a company's "future development", means a period of time over which it is possible for the directors to make fair and reasonable comments.'.

   

David Howarth
Lorely Burt
Mark Hunter

178

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

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

284

*Clause     399,     page     183,     line     25,     after 'for', insert 'the members of the company to have'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

285

*Clause     399,     page     183,     line     28,     leave out 'company's business' and insert 'company'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

286

*Clause     399,     page     183,     line     30,     leave out sub-paragraph (i) and insert—

'(i)	the impact of the company's business on the environment,'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

287

*Clause     399,     page     183,     line     32,     leave out sub-paragraph (ii) and insert—

'(ii)

employee welfare and workforce diversity,'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

288

*Clause     399,     page     183,     line     33,     leave out sub-paragraph (iii) and insert—

'(iii)

the company's involvement in social and community issues.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

290

*Clause     399,     page     183,     line     35,     leave out 'effectiveness' and insert 'success'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

289

*Clause     399,     page     183,     leave out lines 36 to 38.

   

David Howarth
Lorely Burt
Mark Hunter

179

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

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

291

*Clause     399,     page     183,     line     39,     after 'for', insert 'the members of the company to have'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

292

*Clause     399,     page     183,     line     40,     leave out 'company's business' and insert 'company'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

293

*Clause     399,     page     183,     line     41,     leave out 'using' and insert 'incorporating'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

294

*Clause     399,     page     183,     line     43,     leave out 'environmental matters and employee matters' and insert 'the impact of the company's business on the environment and employee welfare and workforce diversity.'.

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Jim Cousins

269

*Clause     525,     page     253,     line     16,     at end insert ', and must not specify a sum of money as a cap or absolute upper limit on the total liability'.

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Margaret Hodge

108

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

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Margaret Hodge

109

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

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Margaret Hodge

110

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

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Margaret Hodge

111

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

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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.'.

Prepared 20 Jun 2006