HL Deb 22 November 1976 vol 377 cc1689-91

5 Clause 38, 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 1690 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 above Amendment for which disagreement they have assigned the following Reason:

6 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.

12.55 p.m.

Lord MELCHETT

My Lord, I beg to move that this House doth not insist on their Amendment No. 5, to which the Commons have disagreed for the Reason numbered 6.

Moved, That the House doth not insist on the said Amendment, to which the Commons have disagreed for the Reason numbered 6.—(Lord Melchett.)