§ Read 3a (according to Order).
§ Clause 1:
§ Power to certain undertakers to invest insecurities of other companies, &c.
§ 1.—(1) Any undertakers may subscribe for, purchase or acquire and may hold or dispose of any shares, stock, mortgages, debentures, or debenture stock of any company, body, or local authority, who—
- (a) are themselves engaged or about to be engaged in the manufacture, distribution, or sale of gas, or the manufacture,
965 working up, conversion, distribution, or sale of residuals arising from the manufacture of gas, or the carrying on of any process of carbonisation or gasification of coal or coke; or - (b) carry on or are about to carry on any process or operation of the same or substantially the same character as any process or operation which the undertakers are themselves authorised to carry on:
§ Provided that the aggregate amount applied for the purposes of this section by any such undertakers and remaining so applied at any time shall not exceed one-tenth part of the aggregate amount of the authorised capital for the time being of such undertakers:
§ Provided also that nothing in this section shall be construed as extending or detracting from any rights or powers lawfully exercised or exerciseable by any undertakers otherwise than under this Act.
§ VISCOUNT MERSEY moved in the second proviso in subsection (1), after "powers," to insert "similar to those conferred by this section and". The noble Viscount said: My Lords, this Amendment, which stands in the name of my noble friend Viscount Bridgeman as well as my own, is really a drafting Amendment. We are advised that without these words the purpose of the Bill might be largely frustrated. I understand that my noble friend who represents the Board of Trade does not offer any opposition.
§ Amendment moved—
§ Clause 1, page 2, line 3, after ("powers") insert ("similar to those conferred by this section and").—(Viscount Mersey.)
§ On Question, Amendment agreed to.
§ Bill passed, and sent to the Commons.