Clause 2 - Successor company: transfer: 20 Jan 2004: Public Bill Committees (TheyWorkForYou.com)

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Clause 2 - Successor company: transfer

Horserace Betting and Olympic Lottery Bill

Public Bill Committees, 20 January 2004, 10:00 am

Question proposed, That the clause stand part of the Bill.

Mr Richard Caborn (Minister of State (Sport and Tourism), Department for Culture, Media & Sport; Sheffield Central, Labour)

The clause allows the transfer of the Tote property and liabilities to a company wholly owned by the Crown. The successor company will be formed and registered under the Companies Act 1985 as a company limited by shares. The transfer will take place on the day appointed by the Secretary of State, and I have already explained that it is intended that the Crown will own the company only for a short period prior to its sale. As I have said repeatedly, our intention is to sell the company to a racing trust.

Question put and agreed to.

Clause 2 ordered to stand part of the Bill.

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