§ [Nos. 40–41]
§ Clause 16, page 14, line 27, after ("Agency ") insert ("or the Agency's nominees")
Page 14, line 28, at end insert:
("(2) Publicly-owned securities and other publicly-owned property may only be transferred to the Agency or the Agency's nominees with the consent of the Secretary of State or in accordance with any general authority given by the Secretary of State.
§ (3) The Secretary of State shall as soon as practicable lay before each House of Parliament a copy of any general authority given by him under subsection (2) above.
§ (4) Subject to subsections (5) and (6) below, if—
- (a) the Secretary of State has given a consent under subsection (2) above; and
- (b) the consideration for the transfer has been determined; and
- (c) its amount exceeds £1 million,
§ the Secretary of State shall as soon as practicable lay before each House of Parliament a statement specifying—
- (i) the securities or other property to be transferred;
- (ii) the transferor;
- (iii) the consideration; and
- (iv) the date of his consent.
§ (5) When the Secretary of State has given a consent under subsection (2) above before the amount of the consideration for the transfer has been determined, he shall as soon as practicable lay before each House of Parliament, unless it appears to him to be unlikely that the amount of the consideration will exceed £1million, a statement specifying the matters, other than the consideration, that are required to be specified in a statement under subsection (4) above.
§ (6) When a statement has been laid under subsection (5) above, the Secretary of State shall lay before each House of Parliament a statement specifying the consideration for the transfer as soon as practicable after its amount has been determined.")
§ Lord KIRKHILL
My Lords, I beg to move that this House doth agree with the Commons in their Amendments Nos. 40 and 41. These Amendments are drafting Amendments of a technical nature. They fulfil an undertaking given in your Lordships' House to proposals by noble Lords opposite that the Bill should include a provision to ensure adequate control by the Secretary of State over any transfer of publicly-owned securities and other property to the SDA under Clause 16 and to oblige him to inform Parliament of any substantial transfer. But simply to require that all transfers need 690 his consent could mean that his permission would be required for every minor transfer of property. We believe that this would be pointlessly erroneous. The Amendment allows for the possibility of a general consent covering all such minor transfers to be given by my right honourable friend the Secretary of State. More significant transfers would require his permission individually. A copy of any general consent would have to be laid before Parliament to allay any fears that this power was being used improperly. I would commend this Amendment to your Lordships.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(Lord Kirkhill.)
§ On Question, Motion agreed to.