HC Deb 05 December 1946 vol 431 cc629-30
The Solicitor-General

I beg to move, in page 20. line 36, at the end, to insert: (3) Subsections (2) and (3) of Section eighteen of this Act shall apply in relation to any transfer prohibited by this Section as they apply in relation to a transfer prohibited by this Act of a security. If hon. Members will turn back to Clause 18, they will find that that Clause provides for the giving of certificates declaring that transactions are valid. I seek to introduce analogous provisions into Clause 28, in order to protect life assurance companies. It may often be that a life assurance company pays out or a policy which has been assigned by the original policy holder to an assignee. He will find himself in a difficult situation if he cannot rely on the protection of a certificate as provided under Clause 18. The Amendment is designed to protect them, and to avoid their being found in a position where, having paid out money, they again have to pay. If they get a certificate, they have protection against that.

9.45 p.m.

Mr. Stanley

We are certainly grateful for this Amendment, small as it is. It is something that even at this hour some protection is to be inserted in this Bill for some small part of the community.

Amendment agreed to.

Clause, as amended, ordered to stand part of the Bill.