§ Clause 14, page 18, line 10, after ("(2)") insert ("or subsection (3)")
§
Clause 14, page 18, line 10, at end insert.—
("(2) For the purposes of paragraph (b) of subsection (1) of this section a person who is a director or the manager or secretary of a building society shall be disqualified for reporting on any freehold or leasehold estate comprised in security to be taken by the building society in respect of any advance:
Provided that during the period of ten years beginning with the commencement of this Act this subsection shall not apply to a person who has been a director or the manager or secretary of the building society at all times since the commencement of this Act, but after the holding of the first annual general meeting after the end of the year nineteen hundred and sixty, only so long as at that annual general meeting and every following annual general meeting he has been authorised by a special resolution to make reports for the said purposes until the next annual general meeting, and for the purposes of this proviso retirement from office followed by immediate reappointment shall not be regarded as a break in the tenure of office.")
§ Clause 14, page 18, leave out lines 13 to 17.
879§ Clause 14, page 18, line 29, after ("estate") insert ("and any person receiving a commission or gift for introducing the parties to the transaction involving that disposition")
§ Clause 14, page 18, line 42, leave out ("if") and insert ("(b)")
§ Clause 14, page 18, line 43, leave out from beginning to ("a")
§ Clause 14, page 18, line 45, after ("(2)") insert ("or subsection (3)")
§ Clause 14, page 18, line 45, after ("section") insert ("knowing or having reason to believe that it will be used, or is likely to be used, for the purposes of paragraph (b) of subsection (1) of this section")
§ Clause 14, page 18, line 45, leave out from ("be") to ("and") in line 46 and insert ("liable on summary conviction to a fine not exceeding two hundred pounds or to imprisonment for a term not exceeding six months")
§ VISCOUNT HAILSHAMMy Lords, may I take Amendments 14 to 22, inclusive, together? These Amendments waive the disqualification for reporting on the value of a property in respect of directors who hold office at the commencement of the Act, subject to the approval of the society in question and to a maximum period of ten years. The offence of preparing a report when disqualified is limited to the case where it is done knowingly, so as to avoid inadvertent offences. In this way, we seek to minimise the risk of causing hardship to individuals or inconvenience to building societies. It will be remembered that quite a number of noble Lords expressed a large difference of opinion when we discussed this matter in this House; indeed, perhaps this was the question which, on the whole, was the thorniest we discussed. This is really done to mitigate the hardships which some noble Lords (I believe my noble friend Lord Saltoun among them) anticipated would be the result of passing the legislation in its original form. I beg to move that this House doth agree with the Commons in the said Amendments.
§ Moved, That this House both agree with the Commons in the said Amendments.—(Viscount Hailshatn.)
§ LORD SILKINMy Lords, I welcome these Amendments, but it is a pity that we were given such discouraging replies when we put the case in this House. We were then given to understand that this was wholly unacceptable to the Government. I do not know whether it was by the noble Viscount himself (it probably 880 was), but we were given what were apparently most convincing reasons for not accepting the Amendments which are now being put forward in a form which I think is undoubtedly a compromise, though a very satisfactory compromise. I think it meets the case of those who put forward the Amendment, and those who objected. But, if I may respectfully say so, I think it is a pity that we were not given a little more encouragement when the Amendment was originally put forward, and that the Government did not promise to give it further consideration.
§ VISCOUNT HAILSHAMMy Lords, I think it better, when one is limited as to what one can say, not to exceed those limits. Otherwise, one sometimes gets the reputation of breaking one's promises. I can only say, so far as the general point made by the noble Lord is concerned, that it illustrates the point he made earlier: that these debates do a great deal of good.
§ On Question, Motion agreed to.