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

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Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

43

Page 306, line 32, leave out Clause 643.

Mr Secretary Darling

817

Page 306, line 33 [Clause 643], leave out ‘purpose of this Chapter’ and insert ‘purposes of the Companies Acts’.


Mr Secretary Darling

582

Page 307, line 5 [Clause 644], leave out ‘be varied if, and only if,’ and insert ‘only be varied—

        (a) in accordance with provision in the company’s articles for the variation of those rights, or

        (b) where the company’s articles contain no such provision, if’.

Mr Secretary Darling

583

Page 307, line 26 [Clause 645], leave out ‘be varied if, and only if,’ and insert ‘only be varied—

        (a) in accordance with provision in the company’s articles for the variation of those rights, or

        (b) where the company’s articles contain no such provision, if’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

44

Page 308, line 30 [Clause 647], after ‘shall’, insert ‘,’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

45

Page 308, line 30 [Clause 647], after ‘satisfied’, insert ‘,’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

46

Page 309, line 28 [Clause 650], leave out ‘class of its shares’ and insert ‘of the shares of a particular class’.

Mr Secretary Darling

819

Page 309, line 28 [Clause 650], after ‘class’, insert ‘or description’.


Mr Secretary Darling
Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Total signatories: 7

47

Page 311, line 22 [Clause 655], leave out ‘pay off’ and insert ‘repay’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

48

Page 311, line 29 [Clause 655], at end insert—

      ‘(7) Where the company has reduced its share capital, any reserve arising from the reduction shall be treated for the purposes of Part 24 as a realised profit of the company, except to the extent that the terms of the special resolution under this section, or of the court order confirming the reduction under sections 659 to 665, provide otherwise.’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

794

Page 312, line 24 [Clause 657], leave out ‘(including any contingent or prospective liabilities)’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

793

Page 312, line 24 [Clause 657], leave out ‘or prospective’.


Mr Secretary Darling

806

Page 316, line 25 [Clause 664], leave out ‘(see section 776)’.


Mr Secretary Darling
Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Total signatories: 7

49

Page 320, line 24 [Clause 673], leave out ‘the’ and insert ‘a’.


Mr Secretary Darling

635

Page 321, line 29 [Clause 675], after ‘Part’ insert ‘or Part 30 (protection of members against unfair prejudice)’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

50

Page 321, line 29 [Clause 675], after ‘Part’ insert ‘or Part 30’.

Mr Secretary Darling

807

Page 321, line 44 [Clause 675], leave out ‘(see section 776)’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

51

Page 322, line 42 [Clause 677], at end insert ‘and it shall not be necessary for the company to comply with sections 655 and 659 (resolution to reduce share capital and application to court for approval)’.

Mr Secretary Darling

701

Page 322 [Clause 677], leave out lines 43 and 44 and insert—

      ‘Chapter 3 of Part 3 (resolutions affecting a company’s constitution) applies to any such resolution.’.


Mr Secretary Darling
Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Total signatories: 7

52

Page 323, line 37 [Clause 679], leave out ‘registered’ and insert ‘re-registered’.


Mr Secretary Darling

637

Page 324, line 14 [Clause 681], after ‘Part’ insert ‘or Part 30 (protection of members against unfair prejudice)’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

53

Page 324, line 14 [Clause 681], after ‘Part’ insert or ‘or Part 30’.


Mr Secretary Darling

638

Page 326, line 30 [Clause 686], leave out from ‘retained’ to end of line 36 and insert ‘—

          (i) under section 61 of the Pension Schemes Act 1993, or otherwise, as reimbursement or partial reimbursement for any contributions equivalent premium paid in connection with the scheme under Part 3 of that Act, or

          (ii) under section 57 of the Pension Schemes (Northern Ireland) Act 1993, or otherwise, as reimbursement or partial reimbursement for any contributions equivalent premium paid in connection with the scheme under Part 3 of that Act.’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

54

Page 326, line 36 [Clause 686], leave out ‘that’ and insert ‘the relevant’.


Mr Secretary Darling

459

Page 328, line 9 [Clause 691], leave out from ‘for’ to ‘to’ and insert ‘that company, or a company that is a subsidiary of that company,’.

Mr Secretary Darling

460

Page 328, line 23 [Clause 691], leave out from ‘for’ to ‘to’ and insert ‘that company, or a company that is a subsidiary of that company,’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

422

Page 328, line 23 [Clause 691], after ‘subsidiaries’, insert, ‘incorporated in the United Kingdom’.

Mr Secretary Darling

461

Page 328, line 25 [Clause 691], after first ‘company’ insert ‘in which the shares were acquired’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

795

Page 330, line 1 [Clause 694], leave out paragraphs (i) and (ii) and insert ‘a dividend or other distribution lawfully made, including a distribution made in the course of the company’s winding-up,’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

55

Page 330, line 10 [Clause 694], leave out ‘any thing’ and insert ‘anything’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

423

Page 330, line 18 [Clause 694], at end insert—

        ‘(h) the payment of a commission which is permitted by the Companies Acts;

        (i) indemnities given in connection with any issue of shares (whether in respect of defaults by the company itself or in respect of defaults by third parties and including indemnities in respect of losses arising in connection with activities carried out as a broker, underwriter, placing agent, adviser or sponsor to an issue);

        (j) representations or warranties given by a company in connection with any issue of shares in its capital;

        (k) the payment of any fees or other costs, charges or expenses by a company in connection with an issue of shares in its capital.’.

Mr Secretary Darling

462

Page 330, line 22 [Clause 695], leave out ‘in the case of’ and insert ‘if the company giving the assistance is’.

Mr Secretary Darling

463

Page 330, line 23 [Clause 695], leave out ‘in the case of a public company if’’ and insert ‘if the company giving the assistance is a public company and’.

Mr Secretary Darling

639

Page 330, line 29 [Clause 695], after ‘(a)’ insert ‘where the lending of money is part of the ordinary business of the company,’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

56

Page 330, line 29 [Clause 695], after ‘business’ insert ‘, where the lending of money is part of the ordinary business of the company’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

57

Page 330, line 30 [Clause 695], leave out first ‘the’ and insert ‘a’.

Mr Secretary Darling

640

Page 330, line 31 [Clause 695], after ‘company’ insert ‘or its holding company’.

Mr Secretary Darling

464

Page 330, line 33 [Clause 695], leave out paragraph (c) and insert—

        ‘(c) the provision of financial assistance by the company for the purposes of or in connection with anything done by the company (or another company in the same group) for the purpose of enabling or facilitating transactions in shares in the first-mentioned company or its holding company between, and involving the acquisition of beneficial ownership of those shares by—

          (i) bona fide employees or former employees of that company (or another company in the same group), or

          (ii) spouses or civil partners, widows, widowers or surviving civil partners, or minor children or step-children of any such employees or former employees;’.

Mr Secretary Darling

465

Page 330, line 44 [Clause 695], leave out ‘a’ and insert ‘the’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

58

Page 331, line 20 [Clause 696], leave out from ‘includes’ to ‘a’ in line 21.

Mr Secretary Darling

641

Page 331, line 23 [Clause 696], after ‘purpose’ insert ‘(see section 849)’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

796

Page 332, line 25 [Clause 699], at end insert—

      ‘(2A) In such a case the redemption price, for the purposes of this Part, shall be taken to be the value of the undertaking of the company to make the payment at a future date, but this shall not be taken to invalidate the redemption’s being in accordance with the terms for redemption.’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

59

Page 332, line 26 [Clause 699], after ‘with’ insert ‘a’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

60

Page 333, line 9 [Clause 700], leave out ‘under subsection (3)’.

Mr Secretary Darling

642

Page 333, line 9 [Clause 700], leave out ‘(3)’ and insert ‘(4)’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

797

Page 334, line 13 [Clause 704], at end insert—

      ‘(1A) The terms of purchase of own shares in a limited company may provide that the amount payable on purchase may, by agreement between the company and the purchaser of the shares, be paid on a date later than the purchase date. In such a case the purchase price, for the purposes of this Part, shall be taken to be the value of the undertaking of the company to make the payment of a future date.’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

798

Page 334, line 14 [Clause 704], at beginning insert ‘Unless purchased in accordance with provision authorised by subsection (1A)’.


Mr Secretary Darling

584

Page 335, line 30 [Clause 707], leave out ‘in advance’ and insert ‘prior to the purchase’.

Mr Secretary Darling

585

Page 335, line 31 [Clause 707], leave out subsection (2) and insert—

      ‘(2) Either—

        (a) the terms of the contract must be authorised by a special resolution of the company before the contract is entered into, or

        (b) the contract must provide that no shares may be purchased in pursuance of the contract until its terms have been authorised by a special resolution of the company.’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

61

Page 335, line 33 [Clause 707], after ‘company’ insert ‘either’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

62

Page 335, line 33 [Clause 707], after ‘into’ insert ‘or the contract is conditional on such approval being obtained’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

63

Page 335, line 35 [Clause 707], after ‘company’ insert ‘either’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

64

Page 335, line 36 [Clause 707], at end insert ‘or the contract is conditional on such approval being obtained’.

Mr Secretary Darling

586

Page 335, line 37 [Clause 707], leave out ‘A “contingent purchase contract” means’ and insert ‘The contract may be’.


Mr Secretary Darling

226

Page 336, line 26 [Clause 708], leave out ‘notwithstanding anything in the company’s articles’.

Mr Secretary Darling

587

Page 336, line 34 [Clause 709], leave out ‘proposed’.


Mr Secretary Darling

227

Page 337, line 39 [Clause 711], leave out ‘notwithstanding anything in the company’s articles’.


Mr Secretary Darling

702

Page 339, line 29 [Clause 714], at end insert—

      ‘(8) Chapter 3 of Part 3 (resolutions affecting a company’s constitution) applies to a resolution under this section.’.

Mr Secretary Darling

270

Page 339, line 37 [Clause 715], leave out ‘at its registered office’.


Mr Secretary Darling

271

Page 340, line 6 [Clause 715], at end insert—

      ‘(3A) The copy or memorandum must be kept available for inspection—

        (a) at the company’s registered office; or

        (b) at a place specified in regulations under section (Regulations about where certain company records to be kept available for inspection).’.

Mr Secretary Darling

272

Page 340, line 6 [Clause 715], at end insert—

      ‘(3B) The company must give notice to the registrar—

        (a) of the place at which the copy or memorandum is kept available for inspection, and

        (b) of any change in that place,

      unless it has at all times been kept at the company’s registered office.’.

Mr Secretary Darling

273

Page 340, line 14 [Clause 716], leave out ‘or (3),’ insert ‘, (3) or (3A) or default is made for 14 days in complying with section 715(3B),’.

Mr Secretary Darling

274

Page 340, line 15 [Clause 716], after ‘by’ insert—

        ‘(a) the company, and

        (b) ’.


Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

65

Page 344, line 34 [Clause 727], leave out ‘company’ and insert ‘company’s’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

799

Page 344, line 43 [Clause 727], leave out ‘or prospective’.

Mr Alan Duncan
Mr Jonathan Djanogly
Charles Hendry
Mr Crispin Blunt
James Brokenshire
Justine Greening

66

Page 344, line 43 [Clause 727], at end insert ‘as would be relevant under section 122 of the Insolvency Act (winding up by the court) to the question whether a company is unable to pay its debts’.


Mr Secretary Darling

228

Page 346, line 11 [Clause 730], leave out ‘notwithstanding anything in the company’s articles’.

Mr Secretary Darling

651

Page 346, line 19 [Clause 731], at beginning insert ‘A copy of’.

Mr Secretary Darling

275

Page 346, line 37 [Clause 732], leave out ‘that’ and insert ‘where’.

Mr Secretary Darling

276

Page 346, line 38 [Clause 732], leave out ‘at the company’s registered office’.


Mr Secretary Darling

277

Page 347, line 12 [Clause 733], leave out ‘at the company’s registered office’.

Mr Secretary Darling

278

Page 347, line 18 [Clause 733], at end insert—

      ‘(1A) They must be kept available for inspection—

        (a) at the company’s registered office, or

        (b) at a place specified in regulations under section (Regulations about where certain company records to be kept available for inspection).’.

Mr Secretary Darling

279

Page 347, line 18 [Clause 733], at end insert—

      ‘(1B) The company must give notice to the registrar—

        (a) of the place at which the statement and report are kept available for inspection, and

        (b) of any change in that place,

      unless they have at all times been kept at the company’s registered office.’.

Mr Secretary Darling

280

Page 347, line 21 [Clause 733], after ‘If’ insert ‘default is made for 14 days in complying with subsection (1B), or’.


 
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Prepared: 18 October 2006