Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 16 June 1947.
Notwithstanding anything in Sections forty-eight, forty-nine and fifty where a company issues by way of bonus any securities to its members or debenture holders and that company has at any prior date reduced its issued capital or debentures by reason of losses of its property there shall be disregarded in calculating the value of the bonus the amount by which the securities were so reduced and which has not already been so disregarded on the occasion of a previous bonus issue.—(Mr. Birch.]
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
