HC Deb 24 June 1947 vol 439 cc355-7
The Solicitor-General

I beg to move, in page 28, line 16, at the end, to insert: The regulations made with respect to the matters mentioned in paragraphs (a) and (b) hereof shall be made not less than two months before the date prescribed for the purposes of subsection (1) of this section, but without prejudice to the varying of any such regulations to such extent as may subsequently appear to the Minister to be necessary. This Amendment is designed to meet the arguments adduced by hon. Gentlemen opposite during the Committee stage with regard to the position of the stockholders' representative. Subsection (I) of Clause 18 provides that the stockholders' representative shall be appointed before such date not later than the vesting date as may be prescribed. Under Subsection (4), certain regulations can be made with regard to the mode of appointment and the tenure and vacation of office of the stockholders' representative. It was said by the Opposition—and we took the view that there was considerable force in their arguments—that as the Clause stood, the regulations might not be made until a time very shortly before his actual appointment, and that would be unsatisfactory and would be unfair to the stockholders. Therefore, we are proposing that these regulations governing the appointment of the stockholders' representative, his tenure and vacation of office shall be made not less than two months before the prescribed date. That, I think, meets the point put by the hon. Members opposite.

Major Peter Roberts (Sheffield, Eccles-all)

This is an Amendment on which we pressed the Government in Committee, but we asked for three months. I am glad that we have advanced so far that we now have a period of two months. The whole question of representation and the appointment of stockholders' representatives, I think, comes under the question of the vesting date. The Government have, however, gone some way to meet us. Whether two months will be sufficient or not I am not at the moment prepared to say, but this is, to some extent at least, a helpful Amendment.

Colonel Clarke

I want to support what has just been said. The real reason why we should have three months is the great number of shareholders there are in some companies. Proper notice of meeting has to be given, and it might possibly happen that a meeting is adjourned. Other accidents might happen. Last year, for example, owing to the coal shortage, there was a great difficulty in getting notices printed, and that caused delay. A period of two months is running it rather fine, and while grateful for what has been given, I think that the three months we asked for in the first place is really to be desired.

Amendment agreed to.

The Solicitor-General

I beg to move in page 28, line 19, after "Act" to insert: and any person to whom any such property, rights, liabilities or obligations which have so vested have been subsequently disposed of. The next Amendment in line 23 is consequential on this. It deals with Subsection (5), which relates to the granting of facilities to stockholders' representative to make inquiries and generally to examine books and documents for the purpose of discharging his duties. It was said that the assets of the body after they had vested in the board might have been disposed of by the board, for example, under Clause 5 (4) and under Clause 6 (3), both of which made it possible for the board to dispose of assets vested in it. This Amendment provides not only that the board in whom assets vested in the first instance shall afford facilities, but that any person to whom the board disposes of assets shall afford the same facilities to the stockholders' representative. It also enables the stockholders' representatives to acquire the services of ex-employees of the body who are now in the employment of the board or in the employment of other concerns to which assets taken over by the board may have been in turn offered or disposed of. This makes it easier for the stockholders' representative to discharge his functions by making certain that he will have all the facilities he may require to that end.

Colonel Clarke

This is substantially what we asked for upstairs, and we accept the explanation of the hon. and learned Gentleman.

Amendment agreed to.

Further Amendment made. In page 28, line 23, leave out "officers of the Board as he," and insert: persons who were officers of the body and are in the employment of the Board or of the said person as the stockholders' representative.' '—[The Solicitor-General.]