EXCLUSION FROM SECTION 48 OF THE 1980 ACT OF ARRANGEMENTS MADE BETWEEN CERTAIN GROUP COMPANIES OR BY COMPANIES IN LIQUIDATION

HC Deb 20 October 1981 vol 10 c243

Mr. Eyre

I beg to move amendment No. 111, in page 107, line 31 leave out '(6) and (7)' and insert '(6), (7) and (8)'.

Mr. Deputy Speaker

With this we may discuss Government amendments Nos. 112 and 113.

Mr. Eyre

Amendments Nos. 111 and 112 are consequential amendments made necessary by the addition of a new subsection to clause 99.

Amendment No. 113 ensures that the requirement in section 48 of the 1980 Act to submit arrangements of substantial value between a company and one of its directors for approval by a general meeting is waived if the director concerned acquires the assets solely by virtue of being a shareholder of that company.

Amendments agreed to.

Amendments made: No. 112, in page 107, line 32 leave out first 'subsection' and insert 'subsections'.

No. 113, in page 108, line 3 at end add— '(8) Subsection (1)(a) above shall not apply in relation to any arrangement whereby a person is to acquire an asset from a company of which he is a member if the arrangement is made with that person in his character as such member.'.—[Mr. Eyre.]