HL Deb 25 July 1974 vol 353 cc1898-900

[Nos. 115 to 140]

Clause 106, page 54, line 23, leave out 'but not embodied in the executed agreement'.

Clause 106,page 54, leave out from beginning of line 37 to end of line 5 on page 55, and insert—

'(a) a document in the prescribed form, itself containing all the prescribed terms and conforming to regulations under subsection (2), is signed in the prescribed manner by or on behalf of the surety, and

(b) the document embodies all the terms of the security, other than implied terms, and

(c) the document, when presented or sent for the purpose of being signed by or on behalf of the surety, is in such a state that its terms are readily legible, and

(d)when the document is presented or sent for the purpose of being signed by or on behalf of the surety there is also presented or sent a copy of the document.

(4A) A security instrument is not properly executed unless—

(a) where the security is provided after, or at the time when, the regulated agreement is made, a copy of the executed agreement, together with a copy of any other document referred to in it, is given to the surety at the time the security is provided, or

(b) where the security is provided before the regulated agreement is made, a copy of the executed agreement, together with a copy of any other document referred to in it, is given to the surety within seven days after the regulated agreement is made'.

Clause 106,page 55, line 7, leave out from 'hirer' to end of line 9.

Clause 106,page 55,line 13, leave out from 'executed' to end of line 15.

Clause 106,page 55,line 16, after 'security', insert '(so far as provided in relation to a regulated agreement)'.

Clause 106,page 55,line 20, leave out 'accordingly apply to it' and insert 'apply to the security'.

leave out lines 25 to 31.

Clause 108, page 56, line 43, after 'ecurity', insert 'so far as provided in relation to the agreement'.

Clause 109, page 57, line 38, after 'security', insert '(so far as provided in relation to the agreement)'.

Clause 110, page 58, line 24, after 'security', insert '(so far as provided in relation to the agreement)'.

Clause 111, page 59, line 4, after 'security', insert '(so far as provided in relation to the agreement)'.

Clause 112, page 59, line 12, after 'enforceable' insert 'against the surety in respect of the breach or other matter to which the notice relates'.

Clause 114, page 59, line 31, after 'enforceable', insert '(so far as provided in relation to the agreement)'.

Clause 114, page 59,line 34, leave out '69 or' and insert '69(1) or becomes subject to section 69(1A), or (aa) a regulated agreement is'.

Clause 114,page 60, line 1, leave out '(1)(b)' and insert '(3)(c)'.

Clause 114,page 60,line 7, leave out '(1)' and insert '(3)(a)'.

Clause 114,page 60,line 9, after 'enforceable', insert 'in relation to the agreement or transaction'.

Clause 122, page 62, line 35, leave out 'the case of a sale by public auction' and insert 'such cases as may be prescribed'.

Clause 122, page 62,line 38, leave out 'the amount of any offer so far received' and insert 'such other particulars as may be prescribed'.

Clause 124, page 64, line 13, at end insert—

'(6) The Secretary of State may by order provide that this section shall not apply where the regulated agreement has a connection with a country outside the United Kingdom'.

Clause 126, page 64, line 30, after '(b)', insert '("the protected person")'.

leave out line 32 and insert 'the protected person in contravention of section 124(1) or (3), or taken from the protected person'.

Clause 126, page 64,line 34, leave out 'him' and insert 'the protected person'.

Clause 127, page 64, line 39, after 'enforceable', insert '(so far as provided in relation to the agreement)'.

leave out lines 40 to 42.

Clause 128, page 65, line 5, leave out Clause 128.

LORD JACQUES

My Lords, Part VIII of the Bill is concerned with security. The Amendments here are mainly clarifying Amendments. May I give just one example. There are Amendments to Clauses 106, 108, 109, 110, 111 and 114. All of these Amendments have one objective; that is, to make it clear that there is nothing in the Bill to prevent a creditor or owner enforcing security in relation to an unregulated agreement, even if it also secures a regulated agreement. For example, a customer might give his bank security not only to secure a regulated loan of £4,000 to himself, but also an unregulated loan of £10,000 to his company. Fears have been expressed that the Bill would prevent the creditor from enforcing the security in relation to the £10,000 loan, merely because there was something which prevented it from enforcing the security in relation to the £4,000 loan. This effect was never intended and the Amendments make this clear. That is a typical example of what has been done in this Part of the Bill. I beg to move that this House doth agree with the Commons in their Amendments Nos. 115 to 140.

Moved, That this House doth agree with the Commons in the said Amendments.—(Lord Jacques.)

On Question, Motion agreed to.