New Clause 161

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

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General power to make further provision by regulations

‘(1) The Secretary of State may by regulations modify the following provisions of this Part—

Sections (General prohibition of commissions, discounts and allowances) and (Permitted commission),

Chapter (Payment for shares) (payment for shares),

Chapter (Public companies: independent valuation of non-cash consideration) (public companies: independent valuation of non-cash consideration),

Chapter (Share premiums) (share premiums),

sections (Redenomination of share capital) to (Redenomination reserve) (redenomination of share capital),

Chapter (Reduction of share capital) (reduction of capital), and

section (Public companies: duty of directors to call meeting on serious loss of capital) (public companies: duty of directors to call meeting on serious loss of capital).

(2) The regulations may—

(a) amend or repeal any of those provisions, or

(b) make such other provision as appears to the Secretary of State appropriate in place of any of those provisions.

(3) Regulations under this section may make consequential amendments or repeals in other provisions of this Act, or in other enactments.

(4) Regulations under this section are subject to affirmative resolution procedure.’.—[Margaret Hodge.]

Brought up, and added to the Bill.