It is wholly appropriate to rely on what I said on Second Reading on the provisions that the new clauses replace, because both sets of provisions are uncontroversial, timely and important in the modern world of transactions. It is wholly fair for the societies that we are considering as a result of the Bill to have the opportunity to operate in a modern

way. I therefore have no difficulty whatever with the provisions.

The Minister has sought to reassure us on the only overriding issue. Indeed, I received reassurance during Second Reading on 31 January that, to the extent that anything in the provisions might hint—hypothetically, I dare say—at any past ultra vires by comparison with what is proposed under the Bill, it is not intended in any sense to throw into doubt past transactions and is intended to operate wholly for future transactions. That is in the Bill, so I do not have difficulty with it. However, it was a concern that we rightly raised on Second Reading. It is important that those who later read our proceedings understand that there is no suggestion that anything in the past has the potential to be ultra vires. We do not want those who have had transactions with these societies are not faced with greater uncertainty or change in their circumstances.

The hon. Member for South Derbyshire said that the new clauses were incontrovertibly longer than those that they replace. I make no bones about that, as it is important that the thought process that resulted in these proposals should cover as many angles as possible. I have spent much time with the Paymaster General on the tax law rewrite measure, which is going through the House at present. The language in this Bill does not seem to fit with the language in that proposal, although it is unlikely to change much at this stage. That may be slightly unfair as it is a difficult area in which to apply an English crystal mark, as it were. It is always helpful if the language in a Bill is as easy to read as the tax law rewrite measure, which all parties support, and on which there is further work to be done.

I am happy to register our support for the new clauses.