§ [No. 48]
§ Schedule 1, page 19, line 42, at end insert—
§ ("Acquisition of holdings of minority shareholders.
§ 21A. Section 209 of the Companies Act 1948 (power to acquire shares of shareholders dissenting from scheme or contract approved by majority) shall have effect in relation to the transfer of shares or any class of shares in a company to the Agency; and references to a transferee company in that section shall be construed accordingly.")
§ Lord LOVELL-DAVIS
My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 48. This is a technical Amendment, necessery to put the Agency on a par with a company. It arises because the Agency are a statutory corporation, and therefore not a company. Section 209 of the Companies Act 1948 applies only to companies. Section 209 confers obligations as well as benefits, and includes important provisions to protect minority shareholders in companies which are being taken over by the Agency. I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(Lord Lovell-Davis.)
§ On Question, Motion agreed to.