Oral Answers to Questions — Trade and Industry – in the House of Commons at 12:00 am on 19 November 1973.
Dr John Gilbert
, Dudley
12:00,
19 November 1973
asked the Secretary of State for Trade and Industry if he will seek to incorporate the Take-over Code in statutory form in his coming review of company law.
Mr Geoffrey Howe
, Reigate
The Government will seek powers in the forthcoming Companies Bill to deal with certain specific abuses which may occur in take-over situations.
Dr John Gilbert
, Dudley
Does the right hon. and learned Gentleman accept that it simply will not be good enough to leave the matter merely on the basis of what is in his white paper with regard to insider trading and warehousing? There is a whole range of other abuses that the Take-over Panel, through no fault of its own, is unable to deal with. There is a need for statutory power and rigid enforcement to deal with them.
Mr Geoffrey Howe
, Reigate
Clearly there are certain matters which require statutory powers and enforcement by means of an Act of Parliament, but equally clearly there are others which are more susceptible of remedy by means of a self-policing organisation of the kind represented by the Take-over Panel. It is a matter for consideration where the line should be drawn.
Mr Thomas Torney
, Bradford South
Is the Minister aware that there is grave discontent in the city of Bradford among workers employed by Associated Weavers because of the proposed take-over by an American company? Is he aware that the trade union concerned has been in contact with me because the factory is in my Constituency? Will he investigate the take-over and try to ensure that that rather large firm, employing many Bradford people, stays British?
Mr Geoffrey Howe
, Reigate
So far as lies within my power to do so, I shall consider any evidence the hon. Gentleman places before me.
Mr Tony Benn
, Bristol South East
When may we expect the Companies Bill? Shall we be able to debate it at an early date?
Mr Geoffrey Howe
, Reigate
The Bill is at an advanced stage of preparation, but I cannot yet tell the House when it is likely to be forthcoming.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
A document issued by the Government laying out its policy, or proposed policy, on a topic of current concern.Although a white paper may occasion consultation as to the details of new legislation, it does signify a clear intention on the part of a government to pass new law. This is a contrast with green papers, which are issued less frequently, are more open-ended and may merely propose a strategy to be implemented in the details of other legislation.
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A group of workers who have united to promote their common interests.
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In a general election, each Constituency chooses an MP to represent them. MPs have a responsibility to represnt the views of the Constituency in the House of Commons. There are 650 Constituencies, and thus 650 MPs. A citizen of a Constituency is known as a Constituent
