HL Deb 16 November 1976 vol 377 cc1237-8

54A Page 53, line 45, at end insert: (7B) If any property rights or liabilities belonging to the company in connection with the business of repairing, refitting, or maintaining ships carried on by it other than at a shipyard or other works in which the company had an interest in possession on the initial date shall have been transferred or granted to any person and the consideration for the transfer or grant shall have been received by the holders of securities of the company or any of them, then, for the purpose of determining the base value of any securities of the company in accordance with subsection (1) above, it shall be assumed that immediately before each of the relevant days such property rights or liabilities were not vested in the company.

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 maybe deemed sufficient.

Lord CAMPBELL of CROY

My Lords, Amendment No. 54B was discussed in the earlier debate. Therefore I now move formally that this House doth not insist on Amendment No. 54A, but propose Amendment No. 54B in lieu thereof:

54B Page 53, line 45, at end insert: ("() If, pursuant to a transaction falling within section 30(2)(a) or section 31(2)(dd) above, any property or rights such as are therein mentioned 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, 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 as result of the property, rights or liabilities being so transferred.'')

Moved, That this House doth not insist on the said Amendment (No. 54A), but doth propose Amendment No. 54B in lieu thereof.—(Lord Campbell of Croy.)