HC Deb 13 February 1933 vol 274 cc729-31

7.35 p.m.

Mr. PYBUS

I beg to move, in page 145, line 28, to leave out the word "Second," and to insert instead thereof the word "Third."

Sir K. VAUGHAN-MORGAN

May we ask if the Minister is disposed to make any explanation in regard to this series of Amendments? It is somewhat difficult to obtain an explanation owing to the rapid rate at which you are getting through the Amendments?

Mr. PYBUS

I was about to make an observation in regard to Mr. Maxton, and also as to why these Amendments are justified. I was going to observe with regard to Mr. Maxton—

Mr. DEPUTY-SPEAKER

We have passed that point.

Amendment agreed to.

Further Amendments made: In page 145, line 37, leave out the word "First," and insert instead thereof the word "Second."

In page 146, line 6, leave out the word "voluntarily," and insert instead thereof the word "voluntary."—[Mr. Pybus.]

Mr. PYBUS

I beg to move, in page 146, line 25, at the end, to insert the words: neither shall the board be entitled to participate in such distribution in respect of those preference Shares.

Mr. C. WILLIAMS

May I ask what this Amendment means? I am sure that the Minister is dying to make an explanation. Why should not the board participate?

Mr. PYBUS

That is an Amendment with reference to a financial transaction. The fourth paragraph of the Fifth Schedule provides that the London General Omnibus Company shall not by virtue of its holdings of preference shares of the Tramways (M.E.T.) Omnibus Company participate in the distribution of the transport stock issued to that company, or in the distribution of assets on winding-up. This is due to the fact that the London General Omnibus Company will be paid for its holding by the issue of transport stock direct. The board will by virtue of the transfer of the London General Omnibus Company become the owners of the Tramways (M.E.T.) Omnibus Company's preference shares, and the Amendment is necessary to prevent any part of the consideration or final distribution of assets flowing back to the board.

Amendment agreed to.

Further Amendments made: In page 147, line 31, leave out the word "transfer," and insert instead thereof the words "registers or."

In line 32, leave out the word "transfer," and insert instead thereof the words "registers or."

In page 148, line 14, after the word "purpose," insert the words "whether held before or after the passing of this Act."—[Mr. Pybus.]