§ [No. 27]
§ Clause 13, page 12, line 2, at end insert ("provided that the condition mentioned in the foregoing subsection with respect to shares and debentures is satisfied at the time of his appointment.").
§ LORD WALSTONMy Lords, one of the consequences of the abolition of the status of exempt private companies is that all companies will be required to have auditors with the qualifications which are now required of the auditors of public or non-exempt private companies. Some of the present exempt private companies at the moment have auditors who are not 1175 qualified for the appointment, and so will have to appoint new auditors. Clause 13 contains a number of transitional provisions in order to give companies in this position time to do what is required of them. The intention is that these transitional provisions should be available only to a company which continues to have the characteristics of an exempt private company. But the effect of this intention was not in the subsections in the form in which they left the House of Lords. This Amendment repairs that omission, and therefore I hope your Lordships will agree to it. I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(Lord Walston.)
§ On Question, Motion agreed to.