§
Amendments made: No. 124, in page 51, line 4, leave out from 'but' to 'shall' in line 5 and insert:
'were not listed in the Stock Exchange Daily Official List on each of those days'.
§ No. 125, in page 51, line 6, leave out 'agreed' and insert 'determined by agreement'.— [Mr. Les Huck field.]
933
§
Amendment proposed: No. 293, in page 51, line 8, leave out from 'the' to end of line 14 and insert:
'fair price to pay for such securities taking into account all the circumstances of the acquired company, the base value of whose securities fall to be determined, including the
| Division No. 298.] | AYES | [6.0 p.m. |
| Adley, Robert | Fletcher, Alex (Edinburgh N) | Lawrence, Ivan |
| Aitken, Jonathan | Fletcher-Cooke, Charles | Lawson, Nigel |
| Alison, Michael | Fookes, Miss Janet | Le Marchant, Spencer |
| Amery, Rt Hon Julian | Forman, Nigel | Lewis, Kenneth (Rutland) |
| Arnold, Tom | Fowler, Norman (Sutton C'f'd) | Lloyd, Ian |
| Atkins, Rt Hon H. (Spelthorne) | Fox, Marcus | Loveridge, John |
| Awdry, Daniel | Fraser, Rt Hon H. (Stafford & St) | Luce, Richard |
| Baker, Kenneth | Fry, Peter | McCrindle, Robert |
| Banks, Robert | Galbraith, Hon T. G. D. | McCusker, H. |
| Bell, Ronald | Gardiner, George (Reigate) | Macfarlane, Neil |
| Bennett, Sir Frederic (Torbay) | Gardner, Edward (S Fylde) | MacGregor, John |
| Bennett, Dr Reginald (Fareham) | Gilmour, Rt Hon Ian (Chesham) | Macmillan, Rt Hon M. (Farnham) |
| Benyon, W. | Gilmour, Sir John (East Fife) | McNair-Wilson, M. (Newbury) |
| Berry, Hon Anthony | Glyn, Dr Alan | McNair-Wilson, P. (New Forest) |
| Biffen, John | Godber, Rt Hon Joseph | Madel, David |
| Biggs-Davison, John | Goodhart, Philip | Marshall, Michael (Arundel) |
| Blaker, Peter | Goodhew, Victor | Marten, Neil |
| Body, Richard | Goodlad, Alastair | Mates, Michael |
| Boscawen, Hon Robert | Gorst, John | Maude, Angus |
| Bottomley, Peter | Gow, Ian (Eastbourne) | Maudling, Rt Hon Reginald |
| Bowden, A, (Brighton, Kemplown) | Gower, Sir Raymond (Barry) | Mawby, Ray |
| Boyson, Or Rhodes (Brent) | Grant, Anthony (Harrow C) | Maxwell-Hyslop, Robin |
| Braine, Sir Bernard | Gray, Hamish | Mayhew, Patrick |
| Brittan, Leon | Griffiths, Eldon | Meyer, Sir Anthony |
| Brocklebank-Fowler, C. | Grist, Ian | Miller, Hal (Bromsgrove) |
| Brolherton, Michael | Grylls, Michael | Mills, Peter |
| Brown, Sir Edward (Bath) | Hall, Sir John | Miscampbell, Norman |
| Bryan, Sir Paul | Hall-Davis, A. G. F. | Mitchell, David (Basingstoke) |
| Buchanan-Smith, Alick | Hamilton, Michael (Salisbury) | Moate, Roger |
| Buck, Antony | Hampson, Dr Keith | Molyneaux, James |
| Budgen, Nick | Hannam, John | Monro, Hector |
| Bulmer, Esmond | Harrison, Col Sir Harwood (Eye) | Montgomery, Fergus |
| Burden, F. A. | Harvie Anderson, Rt Hon Miss | Moore, John (Croydon C) |
| Butler, Adam (Bosworth) | Hastings, Stephen | More, Jasper (Ludlow) |
| Carlisle, Mark | Havers, Sir Michael | Morgan, Geraint |
| Carson, John | Hawkins, Paul | Morgan-Giles, Rear-Admiral |
| Chalker, Mrs Lynda | Hayhoe, Barney | Morris, Michael (Northampton S) |
| Churchill, W. S. | Heath, Rt Hon Edward | Morrison, Charles (Devizes) |
| Clark, Alan (Plymouth, Sutton) | Heseltine, Michael | Morrison, Hon Peter (Chester) |
| Clark, William (Croydon S) | Hicks, Robert | Mudd, David |
| Clarke, Kenneth (Rushcliffe) | Higgins, Terence L. | Neave, Airey |
| Clegg, Walter | Holland, Philip | Nelson, Anthony |
| Cockcroft, John | Hordern, Peter | Neubert, Michael |
| Cooke, Robert (Bristol W) | Howe, Rt Hon Sir Geoffrey | Newtnn, Tony |
| Cope,John | Howell, David (Guildford) | Normanton, Tom |
| Cordle, John H. | Howell, Ralph (North Norfolk) | Nott, John |
| Cormack, Patrick | Hunt, David (Wirral) | Onslow, Cranley |
| Corrie, John | Hunt, John (Bromley) | Oppenheim, Mrs Sally |
| Costain, A. P. | Hurd, Douglas | Osborn, John |
| Craig, Rt Hon W. (Belfast E) | Hutchison, Michael Clark | Page, John (Harrow West) |
| Critchley, Julian | Irving, Charles (Cheltenham) | Page, Rt Hon R. Graham (Crosby) |
| Crouch, David | James, David | Paisley, Rev Ian |
| Crowder, F. P. | Jenkin, Rt Hon P. (Wanst'd & W'df'd) | Parkinson, Cecil |
| Davies, Rt Hon J. (Knutsford) | Jessel, Toby | Percival, Ian |
| Dean, Paul (N Somerset) | Johnson Smith, G. (E Grinstead) | Peyton, Rt Hon John |
| Dodsworth, Geoffrey | Jones, Arthur (Daventry) | Pink, R. Bonner |
| Douglas-Hamilton, Lord James | Jopling, Michael | Powell, Rt Hon J. Enoch |
| Drayson, Burnaby | Joseph, Rt Hon Sir Keith | Price, David (Eastleigh) |
| du Cann, Rt Hon Edward | Kaberry, Sir Donald | Prior, Rt Hon James |
| Dunlop, John | Kellett-Bowman, Mrs Elaine | Pym, Rt Hon Francis |
| Durant, Tony | Kershaw, Anthony | Ralson, Timothy |
| Dykes, Hugh | Kilfedder, James | Rathbone, Tim |
| Eden, Rt Hon Sir John | Kimball, Marcus | Rawlinson, Rt Hon Sir Peter |
| Edwards, Nicholas (Pembroke) | King, Evelyn (South Dorset) | Rees, Peter (Dover & Deal) |
| Elliott, Sir William | King, Tom (Bridgwater) | Renton, Rt Hon Sir D. (Hunts) |
| Emery, Peter | Kirk, Sir Peter | Renton, Tim (Mid-Sussex) |
| Eyre, Reginald | Kitson, Sir Timothy | Rhys Williams, Sir Brandon |
| Fairbairn, Nicholas | Knight, Mrs Jill | Ridley, Hon Nicholas |
| Fairgrieve, Russell | Knox, David | Ridsdale, Julian |
| Farr, John | Lament, Norman | Rifkind, Malcolm |
| Fell, Anthony | Lane, David | Roberts, Michael (Cardiff NW) |
| Finsberg, Geoffrey | Langford-Holt, Sir John | Roberts, Wyn (Conway) |
| Fisher, Sir Nigel | Latham, Michael (Melton) | Rodgers, Sir John (Sevenoaks) |
§ future prospects and the trading record of that company and its net assets'.—[Mr. Tom King.]
§ Question put, That the amendment be made:—
§ The House divided: Ayes 276, Noes 329.
| Ross, William (Londonderry) | Spicer, Michael (S Worcester) | Viggers, Peter |
| Rossi, Hugh (Hornsey) | Sproat, Iain | Wakenham, John |
| Rost, Peter (SE Derbyshire) | Stainton, Keith | Walder, David (Clitheroe) |
| Royle, Sir Anthony | Stanbrook, Ivor | Walker, Rt Hon P. (Worcester) |
| Sainsbury, Tim | Stanley, John | Walker-Smith, Rt Hon Sir Derek |
| St. John-Stevas, Norman | Steen, Anthony (Wavertree) | Wall, Patrick |
| Scott, Nicholas | Stewart, Ian (Hitchin) | Walters, Dennis |
| Scott-Hopkins, James | Stokes, John | Warren, Kenneth |
| Shaw, Giles (Pudsey) | Stradling Thomas, J. | Weatherill, Bernard |
| Shaw, Michael (Scarborough) | Tapsell, Peter | Wells, John |
| Shelton, William (Streatham) | Taylor, R. (Croydon NW) | Whitelaw, Rt Hon William |
| Shepherd, Colin | Taylor, Teddy (Cathcart) | Wiggin, Jerry |
| Shersby, Michael | Tebbit, Norman | Winterton, Nicholas |
| Silvester, Fred | Temple-Morris, Peter | Wood, Rt Hon Richard |
| Sims, Roger | Thatcher, Rt Hon Margaret | Young, Sir G. (Ealing, Acton) |
| Sinclair, Sir George | Townsend, Cyril D. | Younger, Hon George |
| Skeet, T. H. H. | Trotter, Neville | |
| Smith, Dudley (Warwick) | Tugendhat, Christopher | TELLERS FOR THE AYES: |
| Speed, Keith | van Straubenzee, W. R. | Mr. Jim Lester and |
| Spence, John | Vaughan, Dr Gerard | Mr. Carol Mather. |
| Spicer, Jim (W Dorset) |
| NOES | ||
| Abse, Leo | Davies, Ifor (Gower) | Hooley, Frank |
| Allaun, Frank | Davis, Clinton (Hackney C) | Hooson, Emlyn |
| Anderson, Donald | Deakins, Eric | Horam, John |
| Archer, Peter | Dean, Joseph (Leeds West) | Howell, Rt Hon Denis (B'ham, Sm H) |
| Armstrong, Ernest | de Freitas, Rt Hon Sir Geoffrey | Howells, Geraint (Cardigan) |
| Ashley, Jack | Dell, Rt Hon Edmund | Hoyle, Doug (Nelson) |
| Ashton, Joe | Dempsey, James | Huckfield, Les |
| Atkins, Ronald (Preston N) | Doig, Peter | Hughes, Rt Hon C. (Anglesey) |
| Atkinson, Norman | Dormand, J. D. | Hughes, Mark (Durham) |
| Barnett, Guy (Greenwich) | Douglas-Mann, Bruce | Hughes, Robert (Aberdeen N) |
| Barnett, Rt Hon Joel (Heywood) | Duffy, A. E. P. | Hughes, Roy (Newport) |
| Bates, Alt | Dunn, James A. | Hunt, John (Bromley) |
| Bean, R. E. | Dunnett, Jack | Hunter, Adam |
| Beith, A. J. | Dunwoody, Mrs Gwyneth | Irvine, Rt Hon Sir A. (Edge Hill) |
| Benn, Rt Hon Anthony Wedgwood | Eadie, Alex | Irving, Rt Hon S. (Dartford) |
| Bennett, Andrew (Stockport N) | Edge, Geoff | Jackson, Colin (Brighouse) |
| Bidwell, Sydney | Edwards, Robert (Wolv SE) | Jackson, Miss Margaret (Lincoln) |
| Bishop, E. S. | Ellis, John (Brigg & Scun) | Janner, Greville |
| Blenkinsop, Arthur | Ellis, Tom (Wrexham) | Jay, Rt Hon Douglas |
| Boardman, H. | English, Michael | Jenkins, Hugh (Putney) |
| Booth, Rt Hon Albert | Ennals, David | Jenkins, Rt Hon Roy (Stechford) |
| Boothroyd, Miss Betty | Evans, Fred (Caerphilly) | John, Brynmor |
| Bottomley, Rt Hon Arthur | Evans, Gwynfor (Carmarthen) | Johnson, James (Hull West) |
| Boyden, James (Bish Auck) | Evans, Ioan (Aberdare) | Johnson, Walter (Derby S) |
| Bradley, Tom | Evans, John (Newton) | Johnston, Russell (Inverness) |
| Bray, Dr Jeremy | Ewing, Harry (Stirling) | Jones, Alec (Rhondda) |
| Brown, Hugh D. (Provan) | Faulds, Andrew | Jones, Barry (East Flint) |
| Brown, Robert C. (Newcastle W) | Fernyhough, Rt Hon E. | Jones, Dan (Burnley) |
| Brown, Ronald (Hackney S) | Fitch, Alan (Wigan) | Judd, Frank |
| Buchan, Norman | Fitt, Gerard (Belfast W) | Kaufman, Gerald |
| Buchanan, Richard | Flannery, Martin | Kelley, Richard |
| Butler, Mrs Joyce (Wood Green) | Fletcher, L. R. (Ilkeston) | Kerr, Russell |
| Callaghan, Rt Hon J. (Cardiff SE) | Fletcher, Ted (Darlington) | Kilroy-Silk, Robert |
| Callaghan, Jim (Middleton & P) | Foot, Rt Hon Michael | Kinnock, Neil |
| Campbell, Ian | Ford, Ben | Lambie, David |
| Canavan, Dennis | Forrester, John | Lamborn, Harry |
| Cant, R. B. | Fowler, Gerald (The Wrekin) | Lamond, James |
| Carmichael, Neil | Fraser, John (Lambeth, N'w'd) | Latham, Arthur (Paddington) |
| Carter, Ray | Freeson, Reginald | Leadbitter, Ted |
| Carter-Jones, Lewis | Freud, Clement | Lee, John |
| Cartwright, John | Garrett, John (Norwich S) | Lestor, Miss Joan (Eton & Slough) |
| Castle, Rt Hon Barbara | Garrett, W. E. (Wallsend) | Lever, Rt Hon Harold |
| Clemitson, Ivor | George, Bruce | Lewis, Arthur (Newham, N) |
| Cocks, Michael (Bristol S) | Gilbert, Dr John | Lewis, Ron (Carlisle) |
| Cohen, Stanley | Ginsburg, David | Liplon, Marcus |
| Coleman, Donald | Golding, John | Litterick, Tom |
| Colquhoun, Ms Maureen | Gould, Bryan | Lomas, Kenneth |
| Concannon, J. D. | Gourlay, Harry | Loyden, Eddie |
| Cook, Robin F. (Edin C) | Graham, Ted | Luard, Evan |
| Corbett, Robin | Grant, George (Morpeth) | Lyon, Alexander (York) |
| Craigen, J. M. (Maryhill) | Grant, John (Islington C) | Lyons, Edward (Bradford W) |
| Crawford, Douglas | Grimond, Rt Hon J. | Mabon, Dr J. Dickson |
| Crawshaw, Richard | Grocott, Bruce | McCartney, Hugh |
| Cronin, John | Hamilton, W. W. (Central Fife) | MacCormick, Iain |
| Crosland, Rt Hon Anthony | Hardy, Peter | McDonald, Dr Oonagh |
| Crowther, Stan (Rotherham) | Harrison, Waiter (Wakefield) | MacFarquhar, Roderick |
| Cryer, Bob | Hart, Rt Hon Judith | McGuire, Michael (Ince) |
| Cunningham, G. (Islington S) | Hatton, Frank | MacKenzie, Gregor |
| Cunningham, Dr J. (Whiten) | Hayman, Mrs [...] | Mackintosh, John P. |
| Dalyell, Tam | Healey, Rt Hon Denis | Maclennan, Robert |
| Davidson, Arthur | Heffer, Eric S. | McMillan, Tom (Glasgow C) |
| Davies, Bryan (Enfield N) | Henderson, Douglas | McNamara, Kevin |
| Madden, Max | Price, William (Rugby) | Thomas, Ron (Bristol NW) |
| Magee, Bryan | Radice, Giles | Thompson, George |
| Maguire, Frank (Fermanagh) | Rees, Rt Hon Merlyn (Leeds S) | Thorne, Stan (Preston South) |
| Mahon, Simon | Richardson, Miss Jo | Thorpe, Rt Hon Jeremy (N Devon) |
| Mallalleu, J. P. W. | Roberts, Albert (Normantun) | Tierney, Sydney |
| Marks, Kenneth | Roberts, Gwilym (Cannock) | Tinn, James |
| Marquand, David | Robertson, John (Paisley) | Tomlinson, John |
| Marshall, Dr Edmund (Goole) | Robinson, Geoffrey | Tomney, Frank |
| Marshall, Jim (Leicester S) | Roderick, Caerwyn | Torney, Tom |
| Mason, Rt Hon Roy | Rodgers, George (Chorley) | Tuck, Raphael |
| Maynard, Miss Joan | Rodgers, William (Stockton) | Urwin, T. W. |
| Meacher, Michael | Rooker, J. W. | van Straubenzee, W. R. |
| Mellish, Rt Hon Robert | Roper, John | Varley, Rt Hon Eric G. |
| Mendelson, John | Rose, Paul B. | Wainwright, Edwin (Dearne V) |
| Mikardo, Ian | Ross, Stephen (Isle of Night) | Wainwright, Richard (Colne V) |
| Millan, Bruce | Ross, Rt Hon W. (Kilmarnock) | Walden, Brian (B'ham, L'dyw'd) |
| Miller, Dr M. S. (E Kilbride) | Rowlands, Ted | Walker, Harold (Doncaster) |
| Miller, Mrs Millie (Illord N) | Sandelson, Neville | Waker, Terry (Kingswood) |
| Mitchell, R. C. (Soton, Itchen) | Sedgemore, Brian | Ward, Michael |
| Moonman, Eric | Selby, Harry | Watkins, David |
| Morris, Alfred (Wythenshawe) | Shaw, Arnold (Ilford South) | Watkinson, John |
| Morris, Charles R. (Openshaw) | Sheldon, Robert (Ashton-u-Lyne) | Watt, Hamish |
| Morris, Rt Hon J. (Aberavon) | Shore, Rt Hon Peter | Weetch, Ken |
| Moyle, Roland | Short, Rt Hon E. (Newcastle C) | Weitzman, David |
| Mulley, Rt Hon Frederick | Short, Mrs Renée (Wolv NE) | Wellbeloved, James |
| Murray, Rt Hon Ronald King | Silkin, Rt Hon John (Deptford) | Welsh, Andrew |
| Newens, Stanley | Silkin, Rt Hon S. C (Dulwich) | White, Frank R. (Bury) |
| Noble, Mike | Sillars, James | White, James (Pollok) |
| Oakes, Gordon | Silverman, Julius | Whitehead, Phillip |
| Ogden, Eric | Skinner, Dennis | Whitlock, William |
| O'Halloran, Michael | Small, William | Wigley, Dafydd |
| Orbach, Maurice | Smith, John (N Lanarkshire) | Willey, Rt Hon Frederick |
| Orme, Rt Hon Stanley | Snape, Peter | Williams, Alan (Swansea W) |
| Ovenden, John | Spearing, Nigel | Williams, Alan Lee (Hornch'ch) |
| Owen, Dr David | Spriggs, Leslie | Williams, Rt Hon Shirley (Hertford) |
| Padley, Walter | Stallard, A. W. | Williams, Sir Thomas |
| Palmer, Arthur | Steel, David (Roxburgh) | Wilson, Alexander (Hamilton) |
| Pardoe, John | Stewart, Donald (Western Isles) | Wilson, Gordon (Dundee E) |
| Park, George | Stewart, Rt Hon M. (Fulham) | Wilson, Rt Hon Sir Harold (Huyton) |
| Parker, John | Stoddart, David | Wilson, William (Coventry SE) |
| Parry, Robert | Stott, Roger | Wise, Mrs Audrey |
| Pavitt, Laurie | Strang, Gavin | Woodall, Alec |
| Peart, Rt Hon Fred | Strauss, Rt Hon G. R. | Woof, Robert |
| Pendry, Tom | Summerskill, Hon Dr Shirley | Wrigglesworth, Ian |
| Penhaligon, David | Swain, Thomas | Young, David (Bolton E) |
| Perry, Ernest | Taylor, Mrs Ann (Bolton W) | |
| Phipps, Dr Colin | Thomas, Dafydd (Merioneth) | TELLERS FOR THE NOES: |
| Prentice, Rt Hon Reg | Thomas, Jeffrey (Abertillery) | Mr, Joseph Harper and |
| Prescott, John | Thomas, Mike (Newcastle E) | Mr, James Hamilton. |
| Price, C (Lewisham W) |
§ Question accordingly negatived.
§ It being after Six o'clock, Mr. DEPUTY SPEAKER proceeded, pursuant to the Order [20th July] and the Resolution [27th July], to put forthwith Questions necessary for the disposal of the Business to be concluded.
§ Amendments made: No. 126, in page 51, line 11, leave out from "days" to end of line 14 and insert—
§ "(1A) Subsections (2), (3), (4) and (6) of section 37 above shall have effect in relation to securities to which subsection (1) above applies as they have effect in relation to securities to which subsection (1) of that section applies.
§ (1B) The arbitration tribunal, in determining the base value that any securities would have had if they had been listed as mentioned in subsection (1) above, shall have regard to all relevant factors.".
§
No. 127, in page 51, line 18, after "class", insert—
issued before the first of the relevant days".
§
No. 128, in page 51, line 21, at end insert—
(2A) For the purposes of determining in accordance with subsection (1) above the base value of securities of any company, it shall be assumed that the assets of that company were not subject to any charge on any of the relevant days.".
§ No. 129, in page 51, line 22, leave out subsections (3) and (4).
§
No. 130, in page 52, line 16, leave out
, within the meaning of section 154 of the Companies Act 1948,".
§
No. 131, in page 52, line 25, leave out
wholly or partly appurtenant to an undertaking".
§ No. 132, in page 52, line 28, leave out "or (4)".
§
No. 133, in page 52, line 31, leave out
were wholly or partly appurtenant to the undertaking in question and".
§
No. 134, in page 52, line 33, at end add
and as would have satisfied a vesting condition for the purposes of the said section 20".
§
No. 135, in page 53, line 15, at end insert—
(8A) Subject to subsection (8B) below, where securities of a new class have been issued after the last of the relevant days, the base value of the securities of that class for the purpose of section 35 above shall be deemed to be the price at which they were issued or, if they were issued free, shall be deemed to be nil; and
(8B) Where—
the base value shall instead be determined in accordance with subsection (1) above, on the assumptions—