HL Deb 27 March 1980 vol 407 cc1005-6

149 Clause 37, page 45, line 21, leave out from "shares" to end of line 25 and insert—

  1. "(b) where shares in the company are otherwise acquired by the company and the company has a beneficial interest in those shares;
  2. (c) where the nominee of the company acquires shares in the company from a third person without financial assistance being given directly or indirectly by the company and the company has a beneficial interest in those shares; or
  3. (d) where any person acquires shares in the company with financial assistance given to him directly or indirectly by the company for the purpose of or in connection with the acquisition and 1006 the company has a beneficial interest in those shares.
In determining for the purposes of paragraphs (b) and (c) above whether a company has a beneficial interest in any shares, there shall be disregarded, in any case where the company is a trustee (whether as personal representative or otherwise), any right of the company (as trustee) to recover its expenses or be remunerated out of the trust property.

The Lords do disagree with the Commons in the said Amendment but propose the following amendments in lieu thereof:—

149A Clause 35, page 44, line 18, leave out (" section 36 ") and insert (" section 37(1)(b)").

149B Clause 37, page 45, line 21, leave out from (" shares ") to end of line 25 and insert—

  1. (" (b) where shares in the company are acquired by the company and the company has a beneficial interest in those shares;
  2. (c) where the nominee of the company acquires shares in the company from a third person without financial assistance being given directly or indirectly by the company and the company has a beneficial interest in those shares; or
  3. (d) where any person acquires shares in the company with financial assistance given to him directly or indirectly by the company for the purpose of or in connection with the acquisition and the company has a beneficial interest in those shares.

In determining for the purposes of paragraphs (b) and (c) above whether a company has a beneficial interest in any shares, there shall be disregarded, in any case where the company is a trustee (whether as personal representative or otherwise), any right of the company (as trustee) to recover its expenses or be remunerated out of the trust property.")

Lord LYELL

My Lords, I beg to move that this House do disagree with the Commons in their Amendment No. 149, but propose Amendments Nos. 149A and 149B in lieu thereof. I spoke to these in the course of my fairly long speech. My Lords, I beg to move.

Moved, That this house do disagree with the Commons in their Amendment No. 149, but propose Amendments Nos. 149A and 149B in lieu thereof.—(Lord Lyell.)

On Question, Motion agreed to.