Oral Answers to Questions — Trade and Commerce. – in the House of Commons at on 20 February 1940.
Sir Walter Liddall
, Lincoln
asked the President of the Board of Trade whether, in order to prevent the misuse of the nominee-holding system, by which ownership may be masked, by avoiding Section 98 of the Companies Act, 1929, he will introduce immediately amending legislation, based upon Section 16 of the American Securities Exchange Act, 1934, by which quoted companies working under the United Kingdom Act of 1929 will be required to file a statutory declaration for record?
Sir Andrew Duncan
, City of London
The question of nominee share-holdings has been noted for consideration when the Amendment of the Companies Act, 1929, is under review, but I can hold out no prospect of any such review in present circumstances.
As a bill passes through Parliament, MPs and peers may suggest amendments - or changes - which they believe will improve the quality of the legislation.
Many hundreds of amendments are proposed by members to major bills as they pass through committee stage, report stage and third reading in both Houses of Parliament.
In the end only a handful of amendments will be incorporated into any bill.
The Speaker - or the chairman in the case of standing committees - has the power to select which amendments should be debated.
