New Clause 227

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

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When payment out of capital to be made

‘(1) The payment out of capital must be made—

(a) no earlier than five weeks after the date on which the resolution under section (Payment to be approved by special resolution) is passed, and

(b) no more than seven weeks after that date.

(2) This is subject to any exercise of the court’s powers under section (Application to court to cancel resolution)(5) (power to alter or extend time where resolution confirmed after objection).’.—[Margaret Hodge.]

Brought up, and added to the Bill.