HC Deb 19 February 1987 vol 110 cc1109-10

  1. '(1) A person who becomes a significant shareholder in relation to an authorised institution shall within seven days give written notice of that fact to the Bank.
  2. (2) For the purposes of this section "a significant shareholder", in relation to an institution, means a person who, either alone or with any associate or associates, is entitled to exercise, or control the excise of, 5 per cent. or more but less than 15 per cent. of the voting power at any general meeting of the institution or of another institution of which it is a subsidiary.
  3. (3) Subject to subsection (4) below, any person who contravenes subsection (1) above shall be guilty of an offence.
  4. (4) A person shall not be guilty of an offence under subsection (3) above if he shows that he did not know of the acts or circumstances by virtue of which he became a significant shareholder in relation to the institution; but where any person becomes such a shareholder without such knowledge and subsequently becomes aware of the fact that he has become such a shareholder he shall be guilty of an offence unless he gives the Bank written notice of the fact that he has become such a shareholder within fourteen days of becoming aware of that fact.
  5. (5) A person guilty of an offence under this section shall be liable on summary conviction to a fine not exceeding the fifth level on the standard scale.'.—[Mr. Ian Stewart.]

Brought up, read the First and Second time, and added to the Bill.

6.45 pm
Mr. Norman Hogg (Cumbernauld and Kilsyth)

On a point of order, Mr. Deputy Speaker. I appreciate that the hon. Member for Chichester (Mr. Nelson) may wish to get on to Government amendment No. 4, but the Opposition had the clear understanding that we had an agreement that amendment No. 13 would be taken at this point in the proceedings. We understood that we would not proceed to Government amendments Nos. 4, 5 and so on until such time as the Division had taken place and the Question on amendent No. 13 determined.

Apparently, something has gone wrong and I do not understand. [Interruption.] I am sorry that Conservative Members find it amusing that, when we reach agreement on how to get on with business somehow or other, it does not matter and that the Opposition's rights in such a case are a laughing matter. If that is the case, Conservative Members can laugh all night because that is how long it will take to get through the rest of the Bill.

I hope that you, Mr. Deputy Speaker, can facilitate us in achieving a vote now so that a Division on amendment No. 13 may take place and we can therefore proceed to complete consideration of the Bill.

Mr. Deputy Speaker

I am sorry that I cannot help the hon. Gentleman. It is possible to take things in a different order only if an Order of the House to that effect is taken at the beginning of proceedings. There is no such Order of the House so I am afraid that I am bound by the rules.

I understand that the Opposition wish to vote on amendment No. 13. They can certainly do so, but it must be taken in the order in which it appears on the Amendment Paper. In other words, we must now dispose of Government amendment No. 4 and Opposition amendment No. 5 and consequential amendments. We shall then come to amendment No. 13.

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