§ 52 After Clause 35, insert the following new clause:
§ Compensation for severance.
§ ".—(1) This section applies to a person who:
- (a) is entitled to receive compensation under section 35 above in relation to the securities of a company (the "relevant company"); and
- (b) suffers special loss or damage or reasonably incurs expenses (not being taxes) as a direct result of the vesting of those securities in a Corporation.
A person to whom this section applies shall be entitled to receive a payment (to be determined in like manner to the compensation payable to him) equal to the loss or damage or expenses referred to in subsection (1) above.
§ (3) Where the relevant company forms part of a larger undertaking, the payment referred to in subsection (2) above shall include a sum equivalent to the reasonable cost of re-arranging the affairs of that undertaking and a sum calculated by reference to any increase in the proportion of the overhead expenses of the undertaking to the volume of the business over which those 1232 expenses are spread, so far as that increase is due to the vesting of those securities and is not reasonably capable of being avoided or diminished."
§ The Commons disagreed to this Amendment for the following Reason:
§ 55 Because it might involve charges on public funds, and the Commons do not offer any further Reason trusting that this Reason may be deemed sufficient.
§ Lord MELCHETTMy Lords, I beg to move that this House doth not insist on their Amendment No. 52, to which the Commons have disagreed for the Reason numbered 55. We have already discussed this Amendment.
§ Moved, That the House doth not insist on the said Amendment to which the Commons have disagreed for the Reason numbered 55.—(Lord Melchett.)