HC Deb 28 July 1947 vol 441 cc203-4
The Solicitor-General

I beg to move, in page 63, line 43, to leave out from beginning, to end of line 4, page 64.

This Amendment goes with the Amendment in page 64, line 6, and it deals with the point that was made on the Committee stage to the effect that the expression "domestic purposes" really was too limited and, for example, might exclude the case where capital was being raised and it was convenient for the partners of a firm or directors of a private company to approach persons not known to them perhaps, but who were in the same line of business, and who might be interested in an offer of shares. What we have sought to do is slightly to widen the phrase, and we do so by providing that an offer shall not be treated as an offer to the public if it is calculated not to result in shares coming into the ownership of persons other than those to whom they are offered. We have sought to retain it somewhat in that way, and we feel that we have met the point that the previous definition was rather restricted.

Amendment agreed to.

Further Amendment made: In page 64, line 6, leave out from "invitation," to second "and" in line 8, and insert: to be treated as made to the public if it can properly be regarded, in all the circumstances, as not being calculated to result, directly or indirectly, in the shares or debentures becoming available for subscription or purchase by persons other than those receiving the offer or invitation, or otherwise as being a domestic concern of the persons making and receiving it."—[The Solicitor-General.]