Clause 111
Company Law Reform Bill [Lords]
3:30 pm
Margaret Hodge (Minister of State (Industry and the Regions), Department of Trade and Industry; Barking, Labour)
The purport of that contribution related not to whether the Bill is correctly drafted in the way that members of the Committee find acceptable, but to the running of the stock transfer system by the tax office. I assure the hon. Gentleman that he is doing the right thing in raising matters with the Economic Secretary and that he should continue to do so. Implementation is a matter for my hon. Friend and HMRC, not a matter for consideration under the Bill.
The only other point that I want to make is that the clauses were considered in another place andclause 16(5) now makes it clear that subscribers become the holders of shares that are taken by them on formation. That may sort out the position of those who have a transfer.
The hon. Gentleman’s point seemed to be one of implementation. It has not been raised with me, but it clearly has been raised with the hon. Gentleman most recently. He should therefore take up the matter with the relevant Departments and Ministers.