§ [No. 20]
Clause 20, page 19, line 29, leave out subsection (2) and insert—
(2) Where the affairs of a body corporate are managed by its members, subsection (1) of this section shall apply in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the body corporate.
§ 4.40 p.m.
§ LORD DRUMALBYN
My Lords, I beg to move that this House doth agree 1550 with the Commons in their Amendment No. 20. The Amendment rephrases the clause so as to follow the more modern precedent in, for example, Section 62(4) of the Civil Aviation Act 1971 and Section 43(5) of the Gas Act 1972. The new subsection is a part-formed provision making subsection (1) applicable when a body corporate is managed by its members. I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(Lord Drumalbyn.)