§ Read 3a (according to Order), with the Amendments.
§ Clause 16:
§ Trustees of unit trusts.
§
16.—(1) The Board of Trade may by order declare to be an authorised unit trust scheme for the purposes of this Act any unit trust scheme in relation to which the Board are satisfied that the following conditions are fulfilled, that is to say:—
(a) that each of the persons who are respectively the manager and the trustee under the scheme is a corporation incorporated under the law of some part of the United Kingdom, and having a place of business in Great Britain at which notices and other documents are received on behalf of the corporation, and
§
THE LORD CHANCELLOR (LORD MAUGHAM) moved, in subsection (1), after paragraph (a), to insert:
(b) that the scheme is such that the effective control over the affairs of the corporation which is the manager under the scheme is and will be exercised independently of the corporation which is the trustee under the scheme, and
The noble and learned Lord said: My Lords, this Amendment is designed to meet a point raised by my noble friend Viscount Buckmaster and supported by some others of your Lordships. The idea at first was to give the clause somewhat wider effect, but after consideration the Government thought it right to meet the point by inserting the words printed on the Amendment Paper. I think the Amendment meets the point raised by my noble friend and will probably have the approval of your Lordships.
§
Amendment moved—
Page 25, line 23, at end insert the said new paragraph (b).—(The Lord Chancellor.)
§ On Question, Amendment agreed to.
§ Clause 26:
§ Interpretation.
§ "representative's licence" means a licence authorising the holder thereof to deal in securities as a servant of any holder of a principal's licence for the time being in force;
§ LORD TEMPLEMORE moved, in subsection (1), in the definition of "representative's licence," after "servant," to insert "or agent." The noble Lord said: My Lords, this is a drafting Amendment consequential on the Amendment made to Clause 1 (1) (b) in committee, when the words "or agent" were added to the description of a person who is required to be in possession of a representative's licence. I beg to move.
§
Amendment moved—
Page 30, line 34, after ("servant") insert ("or agent").—(Loud Templemore).
§ On Question, Amendment agreed to.
§ LORD TEMPLEMOREMy Lords, the next Amendment is also drafting. I beg to move.
§
Amendment moved—
Page 32, line 2, after ("servant") insert ("or agent").—(Lord Templemore.)
§ On Question, Amendment agreed to.
581§ The Schedule:
-
cc581-5
- SCHEDULE. 1,860 words