HC Deb 28 July 1947 vol 441 cc212-4
Mr. Belcher

I beg to move, in page 120, line 28, to leave out "money lent," and insert: the purposes of a transaction entered into. This is little more than a drafting Amendment. This point has been dealt with elsewhere in the Bill and has been put down at the instance of the banks.

Mr. Bracken

I never thought that in the year 1947 I should be hearing the party opposite obeying the demands of the banks. It is only 12 years since they were holding a point of view about the bankers' ramp, and here again we see how they are falling into the clutches of the tyrant.

Sir S. Cripps

I may point out to the right hon. Gentleman that since the Bank of England has been nationalised, the banks now have an aura of respectability.

Amendment agreed to.

Mr. Belcher

I beg to move, in page 121, line 17, to leave out "otherwise than," and to insert: other than—

  1. (i) a body corporate established for charitable purposes only and having no right to exercise or control the exercise of any part of the voting power at any general meeting of the company;
  2. (ii) a body corporate which is a trustee of the said trusts and has such an interest only."
This Amendment carries out an undertaking given to the hon. Member for Northwich (Mr. J. Foster). Its effect is that a company will not lose its status as an exempt private company if some of its shares or debentures are held by a body corporate established for charitable purposes only.

Amendment agreed to.

The Solicitor-General

I beg to move, in page 121, line 50, at the end, to insert:

Exception for cases of disability.

4. Where the person entitled to any share or debenture or any interest in any share or debenture is of unsound mind or otherwise under any disability, and by reason thereof the share, debenture or interest is vested in an administrator, curator or other person on behalf of the person entitled thereto, then in relation to the share, debenture or interest the person in whom it is so vested and the person entitled thereto shall be treated for the purposes of his Schedule as if they were the same person."

What this Amendment does is to provide a further exception from the second basic condition which exempt companies have to satisfy in order to come within the definition. The second basic contention is that no person other than the holder of the shares in the company has any interest in those shares. If that is complied with, then, subject to the exemptions allowed, what this does is to make a further exception where interest is vested in an administrator or curator or any other person on behalf of a person of unsound mind, or under a disability—for example, a child. "Curator" is the Scottish term. I understand for administrator.

Amendment agreed to.