Thursday, 26 October 1989
The House met at half-past Two o'clock
[MR. SPEAKER in the Chair]
Orders read for consideration of Lords amendments.
Order read for consideration of Lords amendments.
Order read for resuming adjourned debate on Question—[23 May]—That the Bill be now read the Third time.
Order for further consideration, as amended, read.
Orders for consideration, as amended, read.
Order for consideration, as amended, read.
Orders for Second Reading read.
Order. for Second Reading read.
Motion made,That the Promoters of the Associated British Ports (No. 2) Bill shall have leave to suspend proceedings thereon in order to proceed with the Bill, if they think fit, in the next...
Motion made,That the Promoters of the Cardiff Bay Barrage Bill [Lords] shall have leave to suspend proceedings thereon in order to proceed with the Bill, if they think fit, in the next Session of...
Motion made,That the Promoters of the Birmingham City Council (No. 2) Bill shall have leave to suspend proceedings thereon in order to proceed with the Bill, if they think fit, in the next...
To ask the Secretary of State for the Home Department whether he will make a statement concerning current policing levels in Leicestershire.
To ask the Secretay of State for the Home Department what further crime prevention initiatives he intends to introduce.
To ask the Secretary of State for the Home Department whether he has any plans to review the workings of the Criminal Justice Act 1988.
To ask the Secretary of State for the Home Department if he will call for a report from the chief constable of the West Midlands as to on how many occasions since 1979 persons in the custody of...
To ask the Secretary of State for the Home Department if he will make a statement on the progress of the work of the ministerial group on drug abuse.
To ask the Secretary of State for the Home Department if he will make a statement about border control between Britain and the other European Community countries.
To ask the Secretary of State for the Home Department what steps his Department is taking to combat the threat from cocaine and crack.
To ask the Secretary of State for the Home Department what plans he has further to increase police establishments.
To ask the Secretary of State for the Home Department what plans he has to introduce measures to regulate the manufacture and sale of electronic surveillance devices.
To ask the Prime Minister if she will list her official engagements for Thursday 26 October 1989.
With permission, Mr. Speaker, I shall make a statement on the meeting of Commonwealth Heads of Government held in Malaysia on 18 to 24 October, which I attended with my right hon. Friend the...
With permission Mr. Speaker, I should like to make a statement about the business for next week: MONDAY 30 OcToBER—Remaining stages of the Football Spectators Bill Lords]Remaining stages of...
rose——
1—(1) The proceedings on Consideration and Third Reading of the Companies Bill [Lords] shall be completed in one allotted day and shall be brought to a conclusion at the Times shown in the...
2. The proceedings on Consideration and Third Reading of the Children Bill [Lords] shall be completed in one allotted day and shall be brought to a conclusion three hours after the commencement...
3. No dilatory Motion with respect to, or in the course of proceedings on either Bill shall be moved except by a member of the Government, and the Question on any such Motion shall be put forthwith.
4. No Motion shall be made to alter the order in which proceedings on Consideration of either Bill are taken.
5. Paragraph (1) of Standing Order No. 14 (Exempted business) shall apply to the proceedings on both Bills.
6.—(1) For the purpose of bringing to a conclusion any proceedings on the Companies Bill [Lords] which are to be brought to a conclusion at a time appointed by this Order and which have not...
7.—(1) For the purpose of bringing to a conclusion any proceedings on the Children Bill [Lords] which are to be brought to a conclusion at the time appointed by this Order and which have...
8.—(1) The proceedings on any Motion moved by a member of the Government for varying or supplementing the provisions of this Order shall, if not previously concluded, be brought to a...
9. Nothing in this Order— (a) prevents any proceedings to which it applies from being taken or completed earlier than is required by the Order; or(b) prevents any business (whether on the...
10. No debate shall be permitted on any Motion to re-commit either Bill (whether as a whole or otherwise), and Mr. Speaker shall put forthwith any Question necessary to dispose of the Motion,...
11. In this Order "allotted day", in relation to the Companies Bill [Lords] or the Children Bill [Lords] means any day on which that Bill is put down as first Government Order of the day,...
1.—(1) The proceedings on Consideration and Third Reading of the Companies Bill [Lords] shall be completed in one allotted day and shall be brought to a conclusion at the Times shown in the...
2. The proceedings on Consideration and Third Reading of the Children Bill [Lords] shall be completed in one allotted day and shall be brought to a conclusion three hours after the commencement...
3. No dilatory Motion with respect to, or in the course of proceedings on either Bill shall be moved except by a member of the Government, and the Question on any such Motion shall be put forthwith.
4. No Motion shall be made to alter the order in which proceedings on Consideration of either Bill are taken
5. Paragraph (1) of Standing Order No. 14 (Exempted business) shall apply to the proceedings on both Bills.
6.—(l) For the purpose of bringing to a conclusion any proceedings on the Companies Bill [Lords] which are to be brought to a conclusion at a time appointed by this Order and which have not...
7.—(1) For the purpose of bringing to a conclusion any proceedings on the Children Bill [Lords] which are to be brought to a conclusion at the time appointed by this Order and which have...
8.—(1) The proceedings on any Motion moved by a member of the Government for varying or supplementing the provisions of this Order shall, if not previously concluded, be brought to a...
9. Nothing in this Order— (a) prevents any proceedings to which it applies from being taken or completed earlier than is required by the Order; or(b) prevents any business (whether on the...
10. No debate shall be permitted on any Motion to re-commit either Bill (whether as a whole or otherwise), and Mr. Speaker shall put forthwith any Question necessary to dispose of the Motion,...
11. In this Order "allotted day", in relation to the Companies Bill [Lords] or the Children Bill [Lords] means any day on which that Bill is put down as first Government Order of the day,...
rose——
As amended ( in the Standing Committee), further considered.
Amendments made: No. 15, in page 204, line 14, at end insert—
I beg to move amendment No. 17, in page 11, line 37, at end insert— '(3A) Where advantage is taken of subsection (3), that fact shall be stated in a note to the company's annual accounts.'...
[SCHEDULE 5 TO THE COMPANIES ACT 1985]
Amendments made: No. 20, in page 212, line 30, leave out 'in'.
I beg to move amendment No. 22, in page 221, line 34, at end insert— '(4) References to pensions include benefits otherwise than in cash and in relation to so much of a pension as consists...
I beg to move amendment No. 23, in page 17, line 1, leave out from beginning to end of line 38.
Amendment made: No. 24, in page 18, line 26, at end insert— '(6) Where copies are sent out under this section over a period of days, references elsewhere in this Act to the day on which...
Amendments made: No. 25, in page 20, line 43, leave out from begining to end of line 10 on page 21.
Mr. Hanky: I beg to move amendment No. 3, in page 25, leave out lines 8 and 9.
Amendments made: No. 27, in page 30, line 39, leave out 'sections are' and insert 'section is'.
Amendments made: No. 30, in page 228, line 35, leave out from beginning to '(information' and insert—
Amendments made: No. 33, in page 39, line 34, leave out 'and' and insert— '(bb) make consequential amendments or repeals in other provisions of this Act, or in other enactments, and'
Amendment made: No. 35, in page 40, line 5, leave out `Act' and insert 'Part'—[Mr. Redwood.]
Amendments made: No. 36, in page 43, line 5, leave out `Act' and insert 'Part'
Amendments made: No. 42, in page 237, line 12, leave out from beginning to end of line 13
26A.—(1) Section 17 of the Aircraft and Shipbuilding Industries Act 1977 (British Shipbuilders: accounts and audit) is amended as follows.
26B. In section 22 of the Crown Agents Act 1979 (accounts and audit), in subsection (2) (duty to prepare consolidated accounts) for "subsidiaries" (three times) substitute "subsidiary...
29A. In Schedule 3 to the Oil and Pipelines Act 1985 (Oil and Pipelines Agency: financial and other provisions), in paragraph 9(2) (duty to prepare consolidated accounts) for "subsidiaries"...
29B. In Schedule 2 to the Patents. Designs and Marks Act 1986 (service marks), in paragraph 1(2) (provisions in which reference to trade mark includes service mark) for sub-paragraph (ii)...
33.—(1) The Income and Corporation Taxes Act 1988 is amended as follows.
34. In section 33 of the Dartford-Thurrock Crossing Act 1988 (duty to lay before Parliament copies of accounts of persons appointed to levy tolls), for subsection (2) substitute— (2) In...
'.—(1) The Secretary of State may by regulations make such amendments of enactments as appear to him to be necessary or expedient in consequence of the provisions of Part II of this Act...
'.—(1) The Secretary of State may by regulations make such amendments of enactments as appear to him to be necessary or expedient in consequence of any change of name, merger or transfer of...
Amendment made: No. 68, in page 46, line 29, leave out from beginning to first 'and' in line 30 and insert 'Chapter V of Part XI of the Companies Act 1985;'.—[Mr. Forth.]
I beg to move amendment No. 69, in page 248, line 19, leave out 'not unqualified' and insert `qualified persons or, if the body consists of two persons only, that at least one of them is a...
14A. The body must have satisfactory arrangements for taking account, in framing its rules, of the cost to those to whom the rules would apply of complying with those rules and any other...
I beg to move amendment No. 304, in page 253, line 44, leave out from 'as' to end of line 45 and insert 'auditor under the Companies (Northern Ireland) Order 1986 or under the law of a country or...
I beg to move amendment No. 71, in page 56, line 27, after 'tried' insert 'on an information laid'.
Amendment made: No. 76. in page 61, line 8, at end insert— '"enactment" includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act...
Amendment made: No. 77, in page 61, line 38, at end 'enactment section 52(1)'.—[Mr. Forth.]
'. In Schedule 22 to the Companies Act 1985 (provisions applying to unregistered companies), for the entry relating to Part XIV substitute— "Part XIV (except section 446) Investigation...
'. In section 53 of the Building Societies Act 1986 (confidentiality of information obtained by the Building Societies Commission), in subsection (7)(b) (functions of Secretary of State for...
'.—(1) In section 84(1) of the Banking Act 1987 (disclosure of information obtained under that Act), the Table showing the authorities to which, and functions for the purposes of which,...
Amendment made: No. 78, in page 65, line 22, at end insert— '(1A) Omit subsection (1) (bodies in relation to which powers exercisable), and— (a) in subsections (2) and (3) for "any...
Amendment made: No. 79, in page 68, line 3, at end insert— '(aa) in the opening words for "body" (twice) substitute "company";'.—[Mr. Redwood.]
Amendment made: No. 80, in page 69, line 37, at end insert— '(1A) In subsection (1) for the opening words down to "insurance company" substitute "An officer of a company, or of an insurance...
Amendment made: No. 81, in page 84, line 27, after '1985,' insert 'section 53 or 54 of the Building Societies Act 1986.'.
'. The following sections are inserted in Part XII of the Companies Act 1985—
395.—(1) The purpose of this Part is to secure the registration of charges on a company's property.
396.—(1) The charges requiring registration under this Part are—
'.The following section is inserted in Part XII of the Companies Act 1985—
397.—(1) The registrar shall keep for each company a register, in such form as he thinks fit, of charges on property of the company.
`. The following sections are inserted in Part XII of the Companies Act 1985—
398.—(1) It is the duty of a company which creates a charge, or acquires property subject to a charge— (a) to deliver the prescribed particulars of the charge, in the prescribed form,...
399.—(1) Where a charge is created by a company and no prescribed particulars in the prescribed form are delivered for registration within the period of 21 days after the date of the...
400.—(1) Where prescribed particulars of a charge created by a company, in the prescribed form, are delivered for registration more than 21 days after the date of the charge's creation,...
'. The following section is inserted in Part XII of the Companies Act 1985—
401.—(1) Further particulars of a charge, supplementing or varying the registered particulars, may be delivered to the registrar for registration at any time.
'. The following section is inserted in Part XII of the Companies Act 1985—
402.—(1) Where the registered particulars of a charge created by a company are not complete and accurate, the charge is void, as mentioned below, to the extent that rights are not disclosed...
The following section is inserted in Part XII of the Companies Act 1985—
403.—(1) Where a charge of which particulars have been delivered ceases to affect the company's property, a memorandum to that effect may be delivered to the registrar for registration.
'. The following sections are inserted in Part XII of the Companies Act 1985—
404.—(1) A charge is not void by virtue of this Part as against a subsequent charge unless some or all of the relevant particulars of that charge are duly delivered for registration—...
405.—(1) A charge is not void by virtue of this Part as against a person acquiring an interest in or right over property where the acquisition is expressly subject to the charge.
406.—(1) A chargee exercising a power of sale may dispose of property to a purchaser freed from any interest or right arising from the charge having become void to any extent by virtue of...
407.—(1) Where a charge becomes void to any extent by virtue of this Part, the whole of the sum secured by the charge is payable forthwith on demand; and this applies notwithstanding that...
'. The following sections are inserted in Part XII of the Companies Act 1985—
408.—(1) Where particulars of a charge for securing an issue of debentures have been delivered for registration. it is the duty of the company— (a) to deliver to the registrar for...
409.—(1) If person obtains an order for the appointment of a receiver or manager of a company's property, or appoints such a receiver or manager under powers contained in an instrument, he...
410.—(1) The Secretary of State may by regulations require notice in the prescribed form to be given to the registrar of— (a) the occurrence of such events as may be prescribed...
`.The following sections are inserted in Part XII of the Companies Act 1985—
'. The following sections are inserted in Part XII of the Companies Act 1985—
411.—(1) Every company shall keep at its registered office a copy of every instrument creating or evidencing a charge over the company's property.
412.—(1) The copies and the register referred to in section 411 shall be open to the inspection of any creditor or member of the company without fee; and to the inspection of any other...
'. The following section is inserted in Part XII of the Companies Act 1985—
413.—(1) The Secretary of State may by regulations make further provision as to the application of the provisions of this Part in relation to charges of any description specified in the...
'. The following sections are inserted in Part XII of the Companies Act 1985—
414.—(1) References in this Part to the date of creation of a charge by a company shall be construed as follows.
415.—(1) References in this Part to the prescribed particulars of a charge are to such particulars of, or relating to, the charge as may be prescribed.
416.—(1) A person taking a charge over a company's property shall be taken to have notice of any matter requiring registration and disclosed on the register at the time the charge is created.
417.—(1) Where it is proposed to deliver further particulars of a charge, or to deliver a memorandum of a charge ceasing to affect the company's property, and— (a) the chargee...
'. The following sections arc inserted in Part XII of the Companies Act 1985—
418. Regulations under any provision of this Part, or prescribing anything for the purposes of any such provision— (a) may make different provision for different cases, and(b) may contain...
419.—(1) In this Part— chargee" means the person for the time being entitled to exercise the security rights conferred by the charge;issue of debentures" means a group of debentures,...
420. The following Table shows the provisions of this Part defining or otherwise explaining expressions used in this Part (other than expressions used only in the same section)— charge...
'. The provisions set out in Schedule (Charges on property of oversea company) are inserted in Part XXIII of the Companies Act 1985 (oversea companies), as a Chapter III (registration of...
Amendments made: No. 84, in page 267, line 26, leave out from beginning to end of line 31.
The following provisions are inserted in Part XXIII of the Companies Act 1985—
703A.—(1) The provisions of this Chapter have effect for securing the registration in Great Britain of charges on the property of a registered oversea company.
703B.—(l) The charges requiring registration under this Chapter are those which if created by a company registered in Great Britain would require registration under Part XII of this Act.
703C.—(1) The registrar shall keep for each registered oversea company a register, in such form as he thinks fit, of charges on property of the company.
703D.—(1) If when an oversea company delivers documents for registration under section 691 any of its property is situated in Great Britain and subject to a charge, it is the company's duty...
703E.—(1) The particulars required to be delivered by section 703D(1) (charges over property of oversea company becoming registered in a part of Great Britain) shall be delivered to the...
703F.—(1) The following provisions of Part XII— (a) section 399 (effect of failure to deliver particulars),(b) section 400 (late delivery of particulars), and(c) section 402 (effect...
703G. Sections 401 and 403 (delivery of further particulars and memorandum of charge ceasing to affect company's property) apply in relation to a charge of which particulars have been delivered...
703H.—(1) The following provisions of Part XII apply in relation to the voidness of a charge by virtue of this Chapter— (a) section 404 (exclusion of voidness as against unregistered...
703I.—(1) Section 408 (particulars of taking up of issue of debentures) applies in relation to a charge of which particulars have been delivered under this Chapter.
703J.—(1) Sections 411 and 412 (copies of instruments and register to be kept by company) apply in relation to a registered oversea company and any charge over property of the company...
703K.—(1) The Secretary of State may by regulations make further provision as to the application of the provisions of this Chapter, or the provisions of Part XII applied by this Chapter, in...
703L.—(1) The following provisions apply for determining for the purposes of this Chapter whether a vehicle which is the property of an oversea company is situated in Great Britain—...
703M. The following provisions of Part XII apply for the purposes of this Chapter—(a) section 414 (construction of references to date of creation of charge),(b) section 415 (prescribed...
'.—(1) In section 310 of the Companies Act 1985 (provisions exempting officers and auditors from liability), for subsection (3) (permitted provisions) substitute— (3) This section...
5A. Where in the financial year the company has purchased or maintained any such insurance as is mentioned in section 310(3)(a) (insurance of officers or auditors against liabilities in relation...
'.—(1) In Chapter III of Part I of the Companies Act 1985 (a company's capacity; the formalities of carrying on business), for section 36 (form of company contracts) substitute—
36. Under the law of England and Wales a contract may be made— (a) by a company, by writing under its common seal, or(b) on behalf of a company, by any person acting under its authority,...
36A.—(1) Under the law of England and Wales the following provisions have effect with respect to the execution of documents by a company.
36B.—(1) Under the law of Scotland the following provisions have effect with respect to the execution of documents by a company.
36C.—(1) A contract which purports to be made by or on behalf of a company at a time when the company has not been formed has effect, subject to any agreement to the contrary, as one made...
'.—(1) Section 651 of the Companies Act 1985 (power of court to declare dissolution of company void) is amended as follows.
'The following sections are inserted in Part XI of the Companies Act 1985:
'.—(1) The Secretary of State may by regulation made by statutory instrument make such amendments of the provisions of the Companies Act 1985 relating to orders imposing restrictions on...
'.—(1) In Part V of the Companies Act 1985 (share capital, its increase, maintenance and reduction). Chapter III (redeemable shares, purchase by a company of its own shares) is amended as...
159A.—(1) Redeemable shares may not be issued unless the following conditions are satisfied as regards the terms and manner of redemption.
1.—(1) Section 38 of the Companies Act 1985 (execution of deeds abroad) is amended as follows.
2.—(1)Section 39 of the Companies Act 1985 (power to have official seal for use abroad) is amended as follows.
3.—(1) Section 40 of the Companies Act 1985 (official seal for share certificates, &c.) is amended as follows.
4. In section 41 of the Companies Act 1985 (authentication of documents), for the words from "may be signed" to the end substitute "is sufficiently authenticated for the purposes of the law of...
5. For section 186 of the Companies Act 1985 (certificate to be evidence of title) substitute—
186.—(1) A certificate under the common seal of the company (or, in the case of a company registered in Scotland, subscribed in accordance with section 36B) specifying any shares held by a...
6. For section 188 of the Companies Act 1985 (issue and effect of share warrant to bearer) substitute—
188.—(1) A company limited by shares may, if so authorised by its articles, issue with respect to any fully paid shares a warrant (a "share warrant") stating that the bearer of the warrant...
7. In section 350 of the Companies Act 1985 (identification of company on company seal), for subsection (1) substitute— (1) A company which has a common seal shall have its name engraved in...
8. In section 462 of the Companies Act 1985 (power of company to create floating charge), for subsections (2) and (3) substitute— (2) In the case of a company which the Court of Session has...
Amendments made: No. 94, in page 102, line 48, leave out from 'or to end of line 50 and insert 'anything in the company's memorandum.'
Amendments made: No. 103, in page 104, leave out lines 3 to 29 and insert— '322A.—(1) This section applies where a company enters into a transaction to which the parties...
Amendment made: No. 104, in page 104, line 36, leave out from 'formation),' to 'A' in line 46 and insert `after section 3 (forms of memorandum) insert—
3A. Where the company's memorandum states that the object of the company is to carry on business as a general commercial company— (a) the object of the company is to carry on any trade or...
4.—(1)'.—[Mr.Redwood.]
Amendments made: No. 105, in page 105, line 37, leave out from beginning to end of line 12 on page 106 and insert— '30B.—(1) Section 35 of the Companies Act 1985 (capacity of company...
Amendments made: No. 108, in page 107, line 8, leave out subsections (3) to (5) and insert— '(3) Section 35 of the Companies Act 1985 (capacity of company not limited by its memorandum),...
Amendments made: No. 112, in page 118, line 12, at end insert—
388A.—(1) A company which by virtue of section 250 (dormant companies: exemption from provisions as to audit of accounts) is exempt from the provisions of Part VII relating to the audit of...
Amendments made: No. 114, in page 118, line 20, leave out 'section is' and insert 'sections are'.
389A.—(1) The auditors of a company have right of access at all times to the company's books, accounts and vouchers, and are entitled to require from the company's officers such information...
Amendments made: No. 118, in page 125, line 43, leave out `Section' and insert `Sections 733 (liability of individuals for corporate default) and'.
Amendments made: No. 121, in page 130, line 32, at end insert— '(7) In Schedule 22 to the Companies Act 1985 (unregistered companies), in the entry for Part XXIV for "sections 706, 708 to...
Amendment made: No. 122, in page 132, line 29, after `paragraphs' insert `1(1),'.—[Mr. Redwood.]
Amendment made: No. 123, in page 132, line 32, leave out clause 123.—[Mr. Redwood.]
Amendment made: No 305, in page 134, line 24, at end insert— `The order bringing the above amendment into force may make such provision as appears to the Secretary of State appropriate as...
Amendments made: No. 124, in page 137, line 43, leave out `company's' and insert 'type of company it is and its'.
Amendments made: No. 131, in page 142, line 16, at end insert— `(a) section 416 of this Act (under which a person taking a charge over a company's property is deemed to have notice of...
Amendments made: No. 133, in page 142, line 45, at end insert— '(4A) Regulations under this section may make different provision for different classes of case.'.
Amendment made:No. 286, in page 146, line 39, at end insert— '(5) So much of section 23(3) of the Interpretation Act 1978 as applies section 17(2)(a) of that Act (effect of repeal and...
Amendments made: No. 135, in page 274, line 22, at end insert—
0A. In section 131(1) of the Companies Act 1985 (merger relief) for "section 132(4)" substitute "section 132(8)".
13A.In section 730 of the Companies Act 1985 (punishment of offences), in subsection (5) (meaning of "officer who is in default"), after "company" (twice) insert "or other body".
13B In section 734 of the Companies Act 1985 (criminal B.proceedings against unincorporated bodies), at the end add—
'. In section 76 of the Fair Trading Act 1973 (functions of director in relation to Merger Situation), leave out paragraph (b) and insert— (b) to recommend to the Secretary of State to make...
I beg to move amendment No. 310, in page 156, line 6, leave out 'any enterprise' and insert 'an enterprise'.
1.—(1) Section 38 of the Companies Act 1985 (execution of deeds abroad) is amended as follows.
2.—(1) Section 39 of the Companies Act 1985 (power to have official seal for use abroad) is amended as follows.
3.—(1) Section 40 of the Companies Act 1985 (official seal for share certificates, &c.) is amended as follows.
4. In section 41 of the Companies Act 1985 (authentication of documents), for the words from "may be signed" to the end substitute "is sufficiently authenticated for the purposes of the law of...
5. For section 186 of the Companies Act 1985 (certificate to be evidence of title) substitute—
186.—(1) A certificate under the common seal of the company (or, in the case of a company registered in Scotland, subscribed in accordance with section 36B) specifying any shares held by a...
6. For section 188 of the Companies Act 1985 (issue and effect of share warrant to bearer) substitute—
188.—(1) A company limited by shares may, if so authorised by its articles, issue with respect to any fully paid shares a warrant (a "share warrant") stating that the bearer of the warrant...
7. In section 350 of the Companies Act 1985 (identification of company on company seal), for subsection (1) substitute— (1) A company which has a common seal shall have its name engraved in...
8. In section 462 of the Companies Act 1985 (power of company to create floating charge), for subsections (2) and (3) substitute— (2) In the case of a company which the Court of Session has...
Amendments made: No. 152, page 158, line 2, leave out 'also applies' and insert 'and section 736A of that Act also apply'.
Amendment made: No. 156, in page 159, line 25, at end insert— '(2) This section does not apply in relation to any merger reference made before the passing of this Act.'.—[Mr. Redwood.]
Amendments made: No. 157, in page 281, line 27, at end insert— '(2) This paragraph does not apply in relation to any newspaper merger reference made before the passing of this Act.'.
Amendments made: No. 168, in page 161, line 33, leave out `to 160' and insert 'to 155, (Powers of Secretary of State to give directions), (Application to determine whether default proceedings to...
Amendment made: No. 170, in page 162, line 12, leave out sub-paragraph (ii) and (iii).—[Mr. Redwood.]
Amendments made: No. 171, in page 163, line 3, leave out 'Part' and insert 'section'.
Amendments made: No. 174, in page 285, line 41, leave out paragraphs 1 to 4 and insert—
2. (1) The rules must provide for all rights and liabilities between those party as principal to unsettled market contracts to which the defaulter is party as principal to be discharged and for...
3. The exchange must have adequate arrangements for securing that— (a) parties to unsettled market contracts with a defaulter acting as principal are notified as soon as reasonably...
4.—(1) The rules may make the same or similar provision in relation to designated non-members as in relation to members of the exchange.
Amendment made: No. 181, in page 163, line 31, at end insert— '(1A) So far as those provisions relate to insolvency proceedings in respect of a person other than a defaulter, they apply in...
Amendments made: No. 182, in page 164, line 5, leave out from '1986' to 'shall' in line 6 and insert 'or the Bankruptcy (Scotland) Act 1985'.
Amendments made: No. 184, in page 165, line 36, leave out 'or have been pending' and insert 'pending or could be taken, or have been or could have been taken.'.
Amendments made: No. 186, in page 166, line 21, leave out from 'upon' to `to' and insert— `proceedings under its default rules being duly completed in accordance with this Part,'.
Amendments made: No. 189, in page 167, line 23, leave out 'and 315' and insert 315 and 345'.
Amendments made: No. 193, in page 168, line 1, leave out 'market contract' and insert 'transaction to which this section applies'.
Amendments made: No. 199, in page 169, line 24, leave out 'Part' and insert 'section'.
Amendment made: No. 202, in page 170, line 8, at end insert— '(4) The references in sections 119 and 121 of the Financial Services Act 1986 (competition) to what is necessary for the...
Amendments made: No. 203, in page 170, line 13, leave out from beginning to 'in' in line 15 and insert 'is approved by him'.
Amendments made: No. 209, in page 171, leave out line 22 and insert 'In this Part "market charge" means a charge'.
Amendment made: No. 215, in page 172, line 25, leave out subsection (5) and insert— '(5) Before making regulations under this section in relation to charges granted in favour of a person...
Amendments made: No. 216, in page 172, line 29, leave out subsections (1) to (3) and insert— `(1) The following provisions of the Insolvency Act 1986 (which relate to administration orders...
Amendment made: No. 219, in page 173, line 12, leave out subsection (2) and insert— '(2) The regulations may specify any description of charge granted in favour of— (a) a body...
Amendment made: No. 221, in page 173, line 41, leave out Clause 165.—[Mr. Redwood.]
Amendment made: No. 222, in page 174, line 8, leave out from 'property' to 'margin' and insert '(other than land) is held by a recognised investment exchange or recognised clearing house...
Amendment made: No. 223, in page 174, line 31, leave out from beginning to third 'to' in line 37 and insert— '(a) section 159, (Certain money market institutions) or (Settlement...
Amendments made: No. 224, in page 175, line 8, leave out 'Part' and insert 'section'.
Amendments made: No. 228, in page 177, line 3, leave out from beginning to 'by' in line 4 and insert 'insofar as the making of the order or the doing of the act would be prohibited in the case of...
Amendment made: No. 230, in page 177, line 19, after 'servant' insert 'or member of the governing body'.—[Mr. Redwood.]
Amendments made: No. 231, in page 177, line 44, leave out from beginning to 'unable' and insert 'for the taking of action in the event of a person appearing to be'.
Amendment made: No. 233, in page 178, line 22, leave out subsection (2) and insert— '(2) In subsection (1)(b) "company" means any company, society, association, partnership or other body...
Amendments made: No. 234, in page 178, line 31, at end insert— 'administrative receiver has the meaning given by section 251 of the Insolvency Act 1986;'.
Amendments made: No. 240, in page 179, line 17, at end insert— 'administrative receiver section 175(1)'.
1. The provisions of this Schedule have effect for the purpose of safeguarding the operation of certain financial markets— (a) in the event of the insolvency, winding-up or default of a...
9.—(1) The charges to which paragraphs 10 to 12 apply are charges, whether fixed or floating, granted— (a) in favour of a recognised investment exchange, for the purpose of securing...
13.—(1) In this Schedule "default rules" means— (a) in relation to a recognised investment exchange, rules which provide in the event of a member or designated non-member of the...
'.—(1) The Secretary of State shall designate a Takover Panel, (in this Act referred to as "the Panel") for the regulation of takeover bids and other general bids to the holders of...
In Chapter V of part 1 of the Financial Services Act 1986 (conduct of investment business) after section 48(2)(1) insert (m) requiring a person to whom the rules apply to register in a specified...
I beg to move amendment No. 249, in page 180, line 17, after 'not' insert 'of itself. The amendment clarifies the rights of action of investors in the event that the breach of a principle...
I beg to move amendment No. 251, in page 182, line 38, leave out from 'body),' to end of line 39 and insert 'after "paragraphs 2 to 25" insert "(except paragraph 22AA)".'.
I beg to move amendment No. 215A, in page 183, line 14, at end insert— `(3A) It may be provided that, to such extent as may be specified, the designated rules or regulations may not be...
I beg to move amendment No. 308, in page 190, line 31, at end insert `such rules taken together with the general professional rules of the body which apply to all kinds of business undertaken ...
I beg to move Government amendment No. 253, in page 193, line 16, leave out subsection (4) and insert— '(4) References in the Financial Services Act 1986 to a delegation order made under...
I beg to move amendment No. 307, in page 298, line 6, leave out paragraph 28 and insert—
'.—(1) The provisions of this Act extend to Northern Ireland so far as they amend, or provide for the amendment of, an enactment which so extends.
'.—(1) An Order in Council under paragraph 1(1)(b) of Schedule 1 to the Northern Ireland Act 1974 (legislation for Northern Ireland in the interim period) which contains a statement that it...
Amendments made: No. 257, in page 196, line 22, after '(1)' insert 'In section 104 of the Building Societies Act 1986 (power to assimilate law relating to building societies and law relating to...
I beg to move amendment No. 260, in page 198, line 27, after 'The' insert 'following provisions of this Act come into force on Royal Assent— (a) in Part VI (mergers)—(i) sections 137...
I beg to move amendment No. 262, in page 303, line 10, at end insert— '1964 c. 40 Harbours Act 1964. In section 42(6), the words "required to be attached to a company's balance sheet".'.
Amendment made: No. 282, in line 17, leave out 'the Insolvency Act 1986.'.
Motion made, and Question proposed, That this House do now adjourn.—[Mr. Sackville]
Debates in the House of Commons are an opportunity for MPs from all parties to scrutinise government legislation and raise important local, national or topical issues.
And sometimes to shout at each other.
