HL Deb 22 June 1938 vol 110 cc223-4

1. In Section thirteen, after subsection (1) thereof, there shall be inserted the following subsection:— (1A) The following provisions shall have effect with respect to any scheme submitted to the Board of Trade by the Coal Commission— (a) the scheme shall provide for the consideration to be given to each of the constituent companies from which property is to be transferred (hereinafter referred to as a transferor company) being given out of the securities of the new company or of the constituent company to which that property is transferred, as the case may be (hereinafter referred to as the transferee company) and not otherwise …

2. For subsection (2) of the said Section thirteen there shall he substituted the following subsection:— (2) In relation to any scheme submitted to the Board of Trade under this section by the Coal Commission, the Act of 1926 shall have effect as if for the proviso to subsection (2) of Section seven thereof and Section eight thereof (which both relate to the consideration of schemes by the Railway and Canal Commission) there were substituted the following proviso, that is to say:— Provided that the Railway and Canal Commission— (b) shall not have power to make, or require to be made, in the scheme modifications inconsistent with any provisions required by the enactments relating thereto to be included in schemes submitted to the Board of Trade by the Coal Commission …

EARL STANHOPE moved, in paragraph (a) of the substituted subsection (1A), to leave out "not otherwise" and insert ",except in so far as may be otherwise agreed between all the transferor companies and the transferee company, only out of such securities,". The noble Earl said: My Lords, this Amendment is really to give effect to a promise I made to the noble Earl, Lord Dudley, on the Committee stage so that where everyone is agreed cash should be given when an amalgamation is made, it should be possible for cash to pass.

Amendment moved— Page 87, line 2, leave out ("not otherwise") and insert the said new words.—(Earl Stanhope.)

LORD TEYNHAM

My Lords, I actually moved this Amendment on the Committee stage, and I should like to take this opportunity of thanking the Government for meeting us on this point.

On Question, Amendment agreed to.

THE LORD CHANCELLOR moved, in paragraph (b) of the substituted subsection (2) in paragraph 2, to leave out "any provisions required by the enactments relating thereto to be included in," and insert "the enactments relating to the matters which are required to be provided for by." The noble and learned Lord said: My Lords, this is not quite a drafting Amendment. I have to admit that when this point was before the Committee I was unable to agree there was any necessity for anything of the kind. But I had some little doubt in my mind, and after considering the matter very carefully I thought it wiser that the point raised should be met by the Amendment in question.

Amendment moved— Page 88, line 17, leave out from ("with") to ("schemes") in line 18, and insert the said new words.—(The Lord Chancellor.)

On Question, Amendment agreed to.

Seventh Schedule: