HC Deb 29 July 1976 vol 916 c944

Amendments made: No. 173, in page 68, line 13, leave out from 'person' to 'shall' in line 15 and insert 'to whom this subsection applies and who is liable in respect of any debt or liability of the company under a contract of guarantee or indemnity made before the company became such a subsidiary'.

No. 325, in page 68, line 15 at end add— '(3) The persons to whom subsection (3) above applies are persons who, immediately before the company became a wholly owned subsidiary of the Corporation—

  1. (a) were associated persons, or
  2. (b) controlled some other company or body corporate which controlled it.'

No. 175, in page 68, line 20, leave out subsection (5) and insert— '(5) Subject to subsection (5A) below, no person shall, in respect of a loan,—

  1. (a) become entitled to exercise any right, or
  2. (b) become subject to any obligation, on the ground—
    1. (i) of the passing of this Act, or
    2. (ii) of anything done by virtue of this Act, or
    3. (iii) of anything done following the passing of this Act in relation to an acquired company or a wholly owned subsidiary of such a company, or
    4. (iv) of anything necessarily resulting from the passing of this Act or from anything done as mentioned in paragraph (ii) or (iii) above.'.

No. 176, in page 68, line 23, at end insert— '(5A) Subsection (5) above shall not have effect in relation to any right vested in a person to whom subsection (3) above applies in respect of a loan made after the last of the relevant days to an acquired company or a wholly owned subsidiary of such a company.'.

No. 177, in page 68, line 24, leave out subsections (6) to (8).—[Mr. Kaufman.]

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