HL Deb 13 November 1989 vol 512 cc1092-4

275 Clause 154, page 150, line 20, at end insert — '(4) If an exchange or clearing house takes action under its default rules in respect of a person, all subsequent proceedings under its rules for the purposes of or in connection with the settlement of market contracts to which the defaulter is a party shall be treated as done under its default rules.'.

276 Page 150, line 32, leave out '(or, in Scotland, as jucicial factor)'.

277 Page 150, line 35, leave out subsection (2) and insert — '(2) In subsection (1)(b) "company" means any company, society, association, partnership or other body which may be wound up under the Insolvency Act 1986.'.

278 Clause 156, page 150, line 44, at end insert — '"administrative receiver" has the meaning given by section 251 of the Insolvency Act 1986;'.

279 Page 150, line 48, at end insert — '"interim trustee" and "permanent trustee" have the same meaning as in the Bankruptcy (Scotland) Act 1985;'.

280 Page 151, line 6, at end insert — '"set off", in relation to Scotland, includes compensation;'.

281 Page 151, line 10, at end insert — '(1A) References in this Part to settlement in relation to a market contract are to the discharge of the rights and liabilities of the parties to the contract, whether by performance, compromise or otherwise. (1B) In this Part the expressions "margin" and "cover for margin" have the same meaning.'.

282 Page 151, line 12, at end insert — '(2A) For the purposes of this Part a person shall be taken to have notice of a matter if he deliberately failed to make enquiries as to that matter in circumstances in which a reasonable and honest person would have done so. This does not apply for the purposes of a provision requiring "actual notice".'.

283 Page 151, line 13, leave out subsection (3).

284 Page 151, line 18, at end insert '; and in relation to a building society references to insolvency law or to any provision of the Insolvency Act 1986 are to that law or provision as modified by the Building Societies Act 1986.'.

285 Page 151, line 18, at end insert — '(5) In relation to Scotland, references in this Part —

  1. (a) to sequestration include references to the administration by a judicial factor of the insolvent estate of a deceased person, and
  2. (b) to an interim or permanent trustee include references to a judicial factor on the insolvent estate of a deceased person,
unless the context otherwise requires.'.

286 Clause 157, page 151, line 21, at end insert —

'administrative receiver section 156(1)'.

287 Page 151, line 23, at end insert —

'cover for margin section 156(1B)'.

288 Page 151, line 27, at end insert —

'interim trustee section 156(1) and (5)(b)'.

289 Page 151, line 29, at end insert —

'margin section 156(1)B'.

290 Page 151, line 31, at end insert —

'notice section 156(2A)'.

291 Page 151, line 34, column 2, leave out '156(3)' and insert

'(construction of references to parties to market contract)'.

292 Page 151, line 34, at end insert —

'permanent trustee section 156(1) and (5)(b)'.

293 Page 151, line 36, at end insert —

'sequestration section 156(a)
settlement and related expressions section 156(1A)
(in relation to a market contract) set off (in relation to Scotland) section 156(1)'.

294 Page 151, line 37, at end insert —

'trustee, interim or permanent (in relation to Scotland) section 156(5)(b)'.

Lord Strathclyde

My Lords, I beg to move that the House do agree with the Commons in their Amendments Nos. 275 to 294.

Moved, That the House do agree with the Commons in the said amendments. — (Lord Strathclyde.)

On Question, Motion agreed to.