THIRD SCHEDULE.—(Distribution of transport stock issued as consideration for transfer of undertakings to the Board and the winding up of certain companies whose undertakings are transferred.) (Hansard, 13 December 1932)

§ The ATTORNEY-GENERAL
I beg to move, in page 126, line 27, to leave out the words "Parts I and II, and to insert instead thereof the words "Part I."
This and the following two Amendments go together. They are necessary in order to make it plain that statutory companies are to be kept outside the provisions of the Companies Act with regard to winding up and are to be governed by the provisions which we have already passed in Clause 86 and to the provisions in this Schedule.

§ The ATTORNEY-GENERAL
I beg to move, in page 127, line 14, to leave out the word "company," and to insert instead thereof the words: of the Underground principal companies and of the Metropolitan Company. This Amendment and the next are consequential on the Metropolitan agreement.

§ Mr. PYBUS
I beg to move, in page 127, line 28, after the word "that," to insert the words: (i) where the amount of transport stock to which a person would be so entitled comprises a fractional part of a pound the company distributing or causing to be distributed the transport stock shall, in lieu of distributing or causing to be distributed that amount, distribute or cause to be distributed to that person transport stock to the amount of the next even pound below the amount to which he would be so entitled, and the company shall sell, or cause to be sold, the amount of stock representing the 302 fractional parts not so distributed and shall distribute, or cause to be distributed, the net proceeds thereof in due proportion amongst the several stockholders who, but for this provision, would have been entitled to the fractional parts; and (ii) This Amendment will enable the difficulties involved in the distribution of odd fractions of stock to be avoided. These fractional parts will be sold and the fractions due to the stockholders paid over in cash.

§ The ATTORNEY-GENERAL
I beg to move, in page 128, line 11, to leave out from the word "assets," to the word "shall" in line 16, and to insert instead thereof the words: retained by the company or repaid to the company by the board under Section eighty of this Act (not being sums which by that section are to, be applied to the payment of interest on the debenture stocks of the company). We made an Amendment to Clause 80 which provided that the board would repay to the companies their undistributed earnings in order that the directors of the companies might make a final distribution. This Amendment is purely consequential upon that Amendment.

§ The ATTORNEY-GENERAL
I beg to move, in page 128, line 18, to leave out the word "distributed," and to insert instead thereof the words: deemed to be profits of the company available for immediate distribution as dividend and shall be distributed accordingly. This Amendment is to enable directors to do something which generally is forbidden once a company is in liquidation, that is, to distribute its earnings. The Amendment will allow the directors to do that.

§ The ATTORNEY-GENERAL
I beg to move, in page 128, line 37, to leave out 303 from the word "of" to the word "shall," in line 39, and to insert instead thereof the words: securities or money into court by trustees under Section sixty-three of the Trustee Act, 1925, and that section. This is a drafting Amendment merely to produce greater clarity and to make it obvious that the Bill refers to Section 53 of the Trustee Act in this particular place.