§
Lords Amendment agreed to: In page 27, line 13, after "Minister" insert:
and any question whether any property is or was (for the purposes of the said subsection (2) as so applied) held or used partly in the said capacity and partly in other capacities shall, in default of agreement, be determined by arbitration under this Act, and the last foregoing section shall also apply to a composite company in like manner as it applies to a local authority.
§
Lords Amendment: In page 27, line 13, after the Amendment last inserted, to insert:
(5) No part of the cash and investments of a composite company shall vest in an Electricity Board under Section fourteen of this Act, and the last two foregoing subsections shall accordingly not apply thereto, but regulations shall, subject to the provisions of this Part of this Act with respect to the final payment of dividends and interest, provide for the apportionment as between the Board and the
1327
company, of the whole of the cash and investments of the company, together with any income accruing thereon pending such apportionment, in such shares as may be agreed between them or, in default of such agreement, determined in accordance with the regulations.
Any references in the following provisions of this Act to property which vests by virtue of this Act shall include a reference to property apportioned to an Electricity Board under this sub-section.
§ Motion made, and Question proposed, "That this House doth agree with the Lords in the said Amendment."
§ Colonel Crosthwaite-EyreAs I understand it, the purpose of this Amendment is to try to speed up payments to composite companies. It lays down, in the first place, that no part of the cash and investments of a composite company shall automatically vest in an electricity board. Secondly, that the net revenue for the final period shall be ascertained, the final dividend paid, and then the regulations shall provide for the apportionment as between the board and the company of the remainder of the cash and investments of the company, together with any income accruing. I should like to ask what form these regulations will take, and what they are designed to do. As far as I know, at no stage on this Bill have we had a statement in regard to the form of these Regulations, or their purpose.
§ Mr. GaitskellThe hon. and gallant Gentleman the Member for New Forest and Christchurch (Colonel Crosthwaite-Eyre) is quite right in what he said about the purpose of the Amendment. It is really more a matter of clarification than anything else. We intend that the cash and investments of composite undertakings shall be separated, and shall not be vested but apportioned between the board which is taking over the electricity part of the company and the undertaking which is continuing. There will also be apportionment in similar fashion in regard to any part of the revenues which remain after meeting the final payment of dividend, as permitted under the Bill. I do not think there is much I can say at this stage on the question of regulations. It is to be hoped that there will be agreement in this matter, but it may be necessary to lay down certain principles according to which apportionment should be made; some specific reference to arbitration might even be included. I am 1328 afraid that at this stage I cannot say any more than that.
§ Lords Amendment: In page 79, line 24, at end insert: