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

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 add—

    '(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 add—

    '(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 add—

    '(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 add—

    '(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.'.


   

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.'.


   

Mr Jonathan Djanogly
Mr Crispin Blunt
James Brokenshire

280

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


   

Mr Jonathan Djanogly
Mr Crispin Blunt
Justine Greening

281

Clause     399,     page     183,     line     9,     leave out 'business' and insert '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'.

   

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

290

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

   

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

295

Clause     399,     page     184,     line     16,     at end add—

    '(11)   The directors responsible for preparing the review, whether required by subsection (5) or prepared voluntarily, 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)   Nothing 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.'.

 
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Prepared 27 Jun 2006