New Clause 45

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

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‘(1) In the Companies Acts “share”, in relation to a company, means share in the company’s share capital.

(2) A company’s shares may no longer be converted into stock.

(3) Stock created before the commencement of this Part may be reconverted into shares in accordance with section (Re-conversion of stock into shares).

(4) In the Companies Acts—

(a) references to shares include stock except where a distinction between share and stock is express or implied, and

(b) references to a number of shares include an amount of stock where the context admits of the reference to shares being read as including stock.’. —[Margaret Hodge.]

Brought up, and added to the Bill.