§ [No. 53–58]
§ Clause 24, page 20, line 41, leave out from second ("of") to ("or") in line 45 and insert ("relevant shares or a specified amount of relevant debentures")
§ Page 21, line 2, leave out ("any such") and insert ("relevant")
§ Page 21, line 2, line 3, leave out ("any such") and insert ("relevant")
§ Page 21, line 2, line 8, leave out ("any such") and insert ("relevant")
§ Page 21, line 2, line 9, leave out ("any such") and insert ("relevant")
§ Page 21, line 2, line 15, at end insert—
§ ("( ) In the foregoing subsection—
- (a) "relevant shares", in relation to a director of a company, means shares in the company or in any other body corporate, being the company's subsidiary or holding company or a subsidiary of the company's holding company, being shares as respects which there has been granted a quotation on a stock exchange (whether with Great Britain or elsewhere); and
- (b) "relevant debentures", in relation to a director of a company, means debentures of the company or of any other body corporate, being the company's subsidiary or holding company or a subsidiary of the company's holding company, being debentures as respects which there has been granted such a quotation as aforesaid.")
§ LORD BROWNMy Lords, with the permission of the House I will speak to Amendments Nos. 53 to 58 inclusive. This clause is concerned with the prohibition on a director buying options on shares in or debentures of his company, its holding company or its subsidiaries. The Amendments restrict the prohibition on buying these options to options on quoted shares or quoted debentures. In other words, if the Amendments are passed, these restrictions will no longer apply to unquoted shares or unquoted debentures. I beg to move that the House doth agree with the Commons in the said Amendments.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(Lord Brown.)
§ On Question, Motion agreed to.