§ [No. 13]
§ Clause 7, page 7, line 17, leave out from "year" to end of line 18.
§ 5.14 p.m.
§ THE EARL OF LIMERICK
My Lords, I beg to move that this House doth agree with the Commons in Amendment No. 13. Out of order as it may be, may I thank the noble Lord, Lord Diamond, for his comments. It is in that spirit that we approach the Bill.
Clause 7(3)(b) allows companies which are carrying on long-term business when the Bill is enacted a period of grace before they have to comply with the requirement to separate out their long-term assets and liabilities. The aim is, 1566 of course, to arrive at a situation where companies have separated out their long-term assets and liabilities as quickly as they can. But some companies may, for perfectly valid reasons, need longer to do this than others. Consequently, it is desirable that we should be able to extend the period of grace in particular cases. The powers available in Clause 38 enable us to grant extension so that the words deleted by the Amendment are necessary.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(The Earl of Limerick.)