New Clause 287

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

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Power to extend provisions relating to investment companies

‘(1) The Secretary of State may by regulations extend the provisions of sections (Distributions by investment companies out of accumulated revenue profits) to (Investment company: condition as to holdings in other companies) (distributions by investment companies out of accumulated profits), with or without modifications, to other companies whose principal business consists of investing their funds in securities, land or other assets with the aim of spreading investment risk and giving their members the benefit of the results of the management of the assets.

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

Brought up, and added to the Bill.