§ 65 Clause 43, page 48, line 5, after ("to") insert ("subsection (5A) below and").
§ Lord Mackay of Clashfern
My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 65, and at the same time I wish to speak to Commons Amendment No. 67. The purpose of these amendments is to provide that premiums on redemption may be paid out of the proceeds of a fresh issue, where the shares to be redeemed were issued at a premium, but only to the extent of the amount of the premium on issue of the shares to be redeemed, or the amount of the share premium account, whichever is the less. The amendments make a modest relaxation in the provisions of Clause 43(5)(b). I beg to move.
§ Moved, That this House doth agree with the Commons in the said amendment.—(Lord Mackay of Clashfern.]
§ On Question, Motion agreed to.