Clause 63
Company Law Reform Bill [Lords]
9:45 am
James Brokenshire (Hornchurch, Conservative)
I beg to move amendment No. 59, in clause 63, page 25, line 26, after first ‘its', insert
‘profits (if any) or other'.
I shall be brief. Clause 63 tracks section 30(3)(b)(i) of the Companies Act 1985, except for the words
“profits (if any) or other”.
In another place, Lord McKenzie said that he had received advice from officials that the term “income” was sufficient to cover profits. Even though I am a lawyer, I do not wish to promote arcane debates unnecessarily, but there seems to be a difference. I think that there was some doubt in the mind of Lord McKenzie at that stage. In Grand Committee he said that he had doubts and would give the issue more thought. I wonder whether the Minister has given the matter more thought and come to a different conclusion.