HC Deb 26 October 1989 vol 158 c1131

Amendments made: No. 20, in page 212, line 30, leave out 'in'.

No. 19, in page 212, line 44, leave out sub-paragraph (4) and insert — '(4) For the purposes of any of those provisions, shares held by way of security shall be treated as held by the person providing the security—

  1. (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in accordance with his instructions, and
  2. (b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in his interests.'.

No. 21, in page 219, line 28, leave out sub-paragraph (4) and insert— '(4) Shares held by way of security shall be treated as held by the person providing the security—

  1. (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in accordance with his instructions, and
  2. (b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in his interests.'.—[Mr. Redwood.]

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