COMPENSATION FOR DISTURBANCE WHERE BUSINESS CARRIED ON BY PERSON OVER SIXTY (Hansard, 22 February 1973)

§ Mr. Graham Page
I beg to move Amendment No. 77, in page 42, line 16, leave out from 'company' to end of line 21 and insert:

'(a) as if section (1)(a) above required—

(i) each shareholder, other than a minority shareholder, to be an individual who has attained the age of sixty; and

(ii) each minority shareholder to be an individual who either has attained that age or is the spouse of a shareholder who has attained that age; and

(b) as if the undertakings mentioned in subsection (3)(b) above were required to be given both by the company and by each shareholder.

In this subsection "shareholder" means a person who is beneficially entitled to a share or shares in the company carrying voting rights and "minority shareholder" means a person 912 who is so entitled to less than 50 per cent. of those shares' In Committee I undertook to table an amendment to provide that a younger spouse's minority interest in a company should not disqualify a claimant of 60 years or over. This Amendment fulfils that undertaking.

§ Mr. Mulley
I greatly appreciate the Minister meeting this point, which I raised in Committee. As he knows better than I it is necessary to have two shareholders in a company and in many cases difficulties arise if the elderly majority shareholder cannot find anyone above the age of 60 in his family to be the other shareholder. That point is now met.
We still have the problem of the bachelor, spinster or widow, who would not have a spouse as a possible second shareholder. There could still be difficulty, with the clause as amended. The Minister told us that in his former practice he was often a minority shareholder. I imagine that the time factor would be such that that could be disposed of to someone over the age of 60. It may be that solicitors' offices have a clerk over the age of 60 to act as a shareholder in such cases. I hope that some way can be found of meeting the case.

§ Mr. Graham Page
I am conscious of the fact that I gave an undertaking to look at this matter. I am still examining the case where frequently one share is held by a professional adviser. I boggle at the idea of the fictitious elderly pensioner in the office building who holds all the shares in the companies. We must not look at the matter as a fictional matter. My officials are still looking into the subject, and I hope that we shall be able to produce something in another place.