Sir A. STANLEYI beg to move, at the end of the Clause, to insert the following new Sub-section: "(4) For the purposes of this Act the expression share warrants to bearer includes any bearer securities which confer on the holder thereof any voting power with respect to the management of the company."
§ Mr. BRUNNERI would like to ask what is the necessity for including in the expression "share warrants to bearer" any bearer securities which confer voting power"? Surely it is not necessary to say that. It surely cannot mean if the holder of a debenture is entirely unable to control the management of a company, that the debenture, so to speak, would come in. If the right hon. Gentleman could meet us on this point, I think we should be able to accept this Amendment.
Sir A. STANLEYThe object of this Amendment is to make it quite clear that it would not be possible by a mere technicality to evade this question of the issue of bearer shares. It would be possible for a company to issue a bearer debenture and not a bearer share. They might call it by some other name. It is only to make it quite clear that we have a wide enough definition that these words are added.
Amendment agreed to.