HL Deb 16 November 1976 vol 377 cc1236-7

54 Clause 38, page 53, line 45, at end insert: (7A) If, by virtue of an approval given by the Secretary of State pursuant to section 30 or 31 above, property, rights or liabilities have been transferred by the company in question, then, for the purpose of determining, in accordance with subsection (1) above, the base value of the securities of the company or such of them as are specified in the approval, it shall be assumed that, immediately before each of the relevant days,—

  1. (a) the property, rights or liabilities so transferred were not vested in the company, and
  2. (b) in place of that property, those rights or liabilities there were vested in the company funds equal to any consideration which passed to the company as a result of the property, rights or liabilities being so transferred.''

The Commons disagreed to the 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 he deemed sufficient.

Lord MELCHETT

My Lords, I beg to move that this House doth not insist on their Amendment No. 54, to which the Commons have disagreed for the Reason numbered 55. This is an Amendment that we dealt with when speaking to Amendment No. 50.

Moved, That this House doth not insist on the said Amendment, to which the Commons have disagreed for the Reason numbered 55.—(Lord Melchett.)