HL Deb 27 October 1981 vol 424 cc1026-7

Inspection of register and reports

133 After Clause 56, insert the following new clause:

("Inspection of register and reports

.—(1) Any register of interests in shares and any report which is required by section (Investigation and report on requisition of members) of this Act to be available for inspection in accordance with this section shall, during business hours (subject to such reasonable restrictions as the company may in general meeting impose, provided that not less than two hours in each day are allowed for inspection) be open to the inspection of any member of the company or of any other person without charge.

(2) Any such member or other person may require a copy of any such register or report, or any part of it, on payment of ten pence or such less sum as the company may prescribe, for every hundred words or fractional part thereof required to be copied; and the company shall cause any copy so required by a person to be sent to him before the expiration of the period of ten days beginning with the day next following that on which the requirement is received by the company.

(3) If an inspection required under this section is refused or a copy required under this section is not sent within the proper period, the company and every officer of the company who is in default shall be liable on summary conviction to a fine not exceeding one-fifth of the statutory maximum, or on conviction after continued contravention, a default fine not exceeding one-fiftieth of the statutory maximum.

(4) In the case of a refusal of an inspection required under this section of any register or report, the court may by order compel an immediate inspection of it; and in the case of a failure to send a copy required under this section, the court may by order direct that the copy required shall be sent to the person requiring it.

(5) The Secretary of State may by regulations made by statutory instrument substitute a sum specified in the regulations for the sum for the time being mentioned in subsection (2) above.").

Lord Trefgarne

My Lords, this amendment provides for the inspection of a company's register of substantial interests and of any report or interim report produced in an investigation by a company of interests in its shares. Inspection by any person may be made without charge but a maximum fee is provided for provision of a copy. The Secretary of State is empowered to change this maximum by statutory instrument. I beg to move that this House doth agree with the Commons in their amendment.

Moved, That this House doth agree with the Commons in the said amendment.—(Lord Trefgarne.)

On Question, Motion agreed to.