§
Clause 15, page 17, line 36, at end insert℄
("() (a) If it is proved by the stockholders' representative or by the Minister that the values of a company's securities as agreed or determined under the provisions of subsection (2) to (7) inclusive and Subsection (9) of this section (in this section referred to as "the Stock Exchange values") in the aggregate fall short of or exceed the value of the company's undertaking and assets on the first day of October nineteen hundred and forty-eight the amount of such short fall shall be added to the Stock Exchange values or the amount of such excess shall be deducted there from as
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hereinafter provided and the Stock Exchange values as adjusted by such additions or deductions shall become the values of those securities for the purposes of this section;
§ (b) for the purposes of this section the value of a company's undertaking and assets on the first day of October nineteen hundred and forty-eight shall be such amount as they might have been expected to realise if:
- (i) they had been sold on the said date in the open market by a willing seller to a willing buyer;
- (ii) in so far as they comprised a business capable of being sold as a going concern they had been so sold; and
- (iii) this Act had not been in contemplation.
§ (c) if with respect to any company the stockholders' representative or the Minister desires to prove any matter which may be proved by him under this subsection, he shall so inform the Minister or the stockholders' representative (as the case may be) by notice in writing given within three months after the date of transfer.")
§ Clause 15, page 17, line 37, leave out subsection (8).
§
Clause 15 page 18, line 26, at end insert—
("() If any question arises under any of the foregoing provisions of this section as to the value of any securities it shall be settled by agreement between the Minister and the stockholders' representative or in default of such agreement, by arbitration under this Act:
§ Provided that in the case of any additions or deductions to be made to or from the Stock Exchange values of two or more classes of securities of a company the total amount of the additions or deductions shall be settled as aforesaid and the proportions in which the total amount is to be allocated to the different classes of securities shall he settled by a scheme assented to by such majority as is specified in subsection (2) of section two hundred and six of the Companies Act, 1948, of the holders of each class of securities concerned or in default of such assent determined by arbitration under this Act.")
§ The Commons disagreed to the above Amendments for the following Reason:
§ Because the Bill provides a fairer and more expeditious method of assessing the compensation payable to security holders than the Amendments.