§ Mr. CLYNES(by Private Notice) asked the President of the Board of Trade whether he has received representations as to the importance of bringing into force without delay Section 53 of the Companies Act, 1928, and what action he proposes to take?
§ Sir P. CUNLIFFE-LISTERI have received strong representations as to the urgency of bringing into force immediately Section 53 of the Companies Act of 1928. This Section provides that the simple procedure laid down in Section 120 of the Act of 1908, for obtaining the sanction of the Court and the consent of shareholders or creditors, shall be available in all cases of reorganisation. I understand that important schemes of capital reconstruction cannot be carried through satisfactorily until this change in the law is made. The change itself, which the House enacted last year, I believe commands universal approval in both legal and commercial circles. I feel sure, from inquiries which I have made, that it would be the general wish of the House to expedite this reform: and the necessary steps will be taken to that end.