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New Clause 222

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

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Resolution authorising payment: disclosure of directors’ statement and auditors’ report

‘(1) This section applies to a resolution under section (Payment to be approved by special resolution) (resolution authorising payment out of capital for redemption or purchase of own shares).

(2) The directors’ statement and auditors’ report under section (Directors’ statement and auditor’s report) must be made available to members—

(a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him;

(b) in the case of a resolution at a meeting, by being made available for inspection by members of the company at the meeting.

(3) The resolution is ineffective if this requirement is not complied with.’.—[Margaret Hodge.]

Brought up, and added to the Bill.