HC Deb 14 February 1939 vol 343 cc1644-5

7.43 p.m.

The Solicitor-General

I beg to move, in page 18, line 35, to leave out "in cash."

These words are unnecessary, because if the assets will meet the liabilities, it is immaterial whether the shares are paid for in cash or by consideration other than cash.

Amendment agreed to.

The Solicitor-General

I beg to move, in page 19, line 5, to leave out Sub-section (2), and to insert: (2) If, with respect to any corporation being an approved trustee of unit trusts, the Board of Trade consider that the order declaring the corporation to be such a trustee ought to be revoked on either of the following grounds, that is to say—

  1. (a) that the conditions specified in paragraphs (a) to (c) of the preceding Sub-section are no longer fulfilled in the case of that corporation, or
  2. (b) that the circumstances relevant to the making of an order have materially changed since the making thereof,
the Board may serve on the corporation a written notice that they are considering the revocation of the order on that ground, specifying the respect in which the said conditions are no longer fulfilled or the said circumstances have changed, as the case may be, and inviting the corporation to make to the Board, within the period of one month from the date of the service of the notice, any representations which the corporation desires to make with respect to the proposed revocation of the order; and the Board may revoke the order after the expiration of the said period, but, before deciding whether or not to revoke the order shall take into consideration any representations so made by the corporation and, if it so requests, afford it an opportunity of being heard by the Board within that period. This is an exactly similar Amendment to that which I moved on the last Clause, and provides machinery which will ensure that they cannot be dealt with arbitrarily.

Amendment agreed to.

Further Amendments made:

In page 19, line 28, after "prescribed," insert: (which shall not be less often that once a year).

In line 31, after "and," insert: as soon as may be after any particulars have been furnished to them under this Subsection.

After "cause," insert "the particulars."

Leave out "at such times and."

In line 32, leave out from "proper," to end of line 33.—(Mr. Duncan.)