I beg to move amendment No. 452, in
clause 111, page 68, line 26, leave out 'This section' and insert 'Subsection (2)'.
This is a minor drafting amendment.
Amendment agreed to.
Amendment made: No. 453, in
clause 111, page 68, line 41, leave out from beginning of line to end of line 43 and insert
'the assessment period ends because the conditions in section 119(2) or (5) are satisfied,'.—[Mr. Pond .]
I beg to move amendment No. 410, in
clause 111, page 68, line 45, after 'scheme' insert
'(but not from their personal assets)'.
This is a small point, but one that is thought to be important by those who know about such things. The clause gives the board power to make loans to an eligible scheme and subsection (3) sets out the circumstances in which they are repayable by the trustees. I am advised that it should be made clear—possibly in the Bill—that they are repayable out of the assets of the scheme, not from the trustees' personal assets. I am sure that trustees would be relieved if that were so.
The amendment tabled by the hon. Gentleman is not necessary because under the current wording of the clause trustees or managers would not in any case be held personally liable. The reference to trustees or managers refers only to their legal capacity as trustees or managers of a scheme, not to any personal agreements entered into by them. I hope that with that assurance the hon. Gentleman will withdraw his amendment.
I am happy to do so, since what the Under-Secretary said is on the record. I beg to ask leave to withdraw the amendment.
Amendment, by leave, withdrawn.
Amendment made: No. 454, in
clause 111, page 69, line 2, after '(3)(b)', insert '(i)'.—[Mr. Pond.]
Clause 111, as amended, ordered to stand part of the Bill.