New Clause 69

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

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Exception to pre-emption right: bonus shares

‘Section (Existing shareholders’ right of pre-emption)(1) (existing shareholders’ right of pre-emption) does not apply in relation to—

(a) the allotment of bonus shares, or

(b) the grant of a right to subscribe for, or to convert securities into, bonus shares.’.—[Margaret Hodge.]

Brought up, and added to the Bill.