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

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)—'.

   

Jim Cousins

300

*Clause     158,     page     70,     line     9,     leave out from 'so' to end of line 18 and insert 'must endeavour to—

      (d) have regard to the likely consequences of any decision in the long term,

      (e) promote the interests of the company's employees,

      (f) foster the company's business relationships with suppliers, customers and others,

      (g) minimise any adverse impact of the company's operations on the community and the environment,

      (h) maintain a reputation for high standards of business conduct, and

      (i) act fairly as between members of the company.'.

   

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 Quentin Davis

297

Clause     158,     page     70,     line     14,     leave out 'and the environment'.

   

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

271

Clause     159,     page     70,     line     27,     leave out subsection (1).


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

272

Clause     160,     page     70,     line     34,     leave out subsection (2).


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

256

Clause     161,     page     71,     line     2,     after 'must', insert 'take all reasonable steps to'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

323

*Clause     161,     page     71,     line     3,     leave out ', or possibly may conflict,'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

322

*Clause     161,     page     71,     line     4,     at end insert 'at the time when he seeks authorisation pursuant to subsection (5) below.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

257

Clause     161,     page     71,     line     11,     leave out paragraph (a) and insert—

      '(a) if the director reasonably and in good faith believes the situation is not likely to give rise to a conflict of interest; or'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

255

Clause     161,     page     71,     line     21,     at end insert—

    '( )   The authorisation may, in either case, be given by them (unconditionally, or subject to such conditions or limitations as they may specify), either in relation to a particular matter or generally, following receipt by them of a general notice in accordance with section 168.'.

   

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 approved by the board of the company.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

273

Clause     164,     page     72,     line     32,     leave out subsection (1).


   

Margaret Hodge

301

*Clause     167,     page     74,     line     17,     leave out 'or Northern Ireland'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

274

Clause     170,     page     75,     line     21,     at end insert 'provided that, if the company has a secretary, the notice need only be sent to the company secretary.'.

   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

275

Clause     170,     page     75,     line     25,     after 'post' insert 'or by facsimile'.


   

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.'.


   

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'.


   

Margaret Hodge

302

*Clause     216,     page     98,     line     32,     at end insert—

      '( ) section (qualifying pension scheme indemnity provision) (qualifying pension scheme indemnity provision).'.

   

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.'.


   

Margaret Hodge

303

*Clause     219,     page     99,     line     43,     leave out from 'disclosure' to end of line 44 and insert 'in the directors' report of—

      (a) qualifying third party indemnity provision, and

      (b) qualifying pension scheme indemnity provision.

    Such provision is referred to in this section as "qualifying indemnity provision".'.

   

Margaret Hodge

304

*Clause     219,     page     100,     line     1,     leave out 'third party'.

   

Margaret Hodge

305

*Clause     219,     page     100,     line     9,     leave out 'third party'.


   

Margaret Hodge

306

*Clause     220,     page     100,     line     19,     leave out 'third party'.

   

Margaret Hodge

307

*Clause     220,     page     100,     line     27,     leave out 'third party'.

   

Margaret Hodge

308

*Clause     220,     page     101,     line     5,     leave out 'third party'.

   

Margaret Hodge

309

*Clause     220,     page     101,     line     6,     at end insert—

    '( )   In this section "qualifying indemnity provision" means—

      (a) qualifying third party indemnity provision, and

      (b) qualifying pension scheme indemnity provision.'.



 
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Prepared 22 Jun 2006