§ 5.40 p.m.
§ [Nos. 31 and 32]
Clause 27, page 22, line 40, at end insert—
(3) For the purposes of any provision requiring the delivery of an instrument of transfer as a condition for the registration of a transfer of any property (including in par-
ticular section 75 of the Companies Act 1948 and section 56(4) of the Finance Act 1946) an order which by virtue of this section operates to transfer any property shall be treated as an instrument of transfer.
§ Clause 27, page 22, line 41, leave out subsections (1) and (2) above" and insert "this section".
§ THE EARL OF LIMERICK
My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 31, with which we might take Amendment No. 32. We have been advised that there is some difficulty in connection with Section 75 of the Companies Act 1948 in relation to Orders made under Section 208 of that Act for transferring shares from one company to another. The proviso to Section 75 is presumably intended to allow company registrars to accept an Order under Section 208 as vesting shares without a further instrument of transfer. In practice, however, company registrars have been refusing to take advantage of this and insist on an instrument of transfer in addition to the Section 208 Order. It is possible that similar provisions existing in other enactments may create similar difficulties. It is desired to avoid this difficulty in connection with Orders made under Clause 26, and the proposed new subsection therefore makes it clear that for the purposes of any provision requiring the delivery of an instrument of transfer as a condition for the registration of a transfer of any property under Section 75 of the Companies Act 1948, under Section 56(4) of the Finance Act 1964 (which makes a corresponding provision to Section 75 of the 1948 Act in relation to units in a unit trust) or under any other similar provision which may exist in other enactments, any Order under Clause 26 or any subsequent Order referred to in Clause 27 shall be treated as an instrument of transfer. I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(The Earl of Limerick.)