HL Deb 27 October 1981 vol 424 c1056

219 Schedule 3, page 126, line 16, at end insert— ("and (b) after the words "fixed assets" there shall be inserted the words "or of all the fixed assets other than goodwill.

(2) The following subsection shall be inserted after that subsection — (4A) Subject to section 43(7A) of this Act, any consideration by the directors of a company of the value at any particular time of any fixed asset of the company shall be treated as a revaluation of that asset for the purposes of determining whether any such revaluation of the company's fixed assets as is required for the purposes of the exception from subsection (4) above has taken place at that time; but where any such assets which have not actually been revalued are treated as revalued for those purposes by virtue of this subsection that exception shall only apply if the directors are satisfied that their aggregate value at the time in question is not less than the aggregate amount at which they are for the time being stated in the company's accounts.").

Lord Trefgarne

My Lords, this is a consequential amendment and I beg to move.

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

As an amendment to the amendment:

219B Line 17, leave out ("are satisfied") and insert ("determine by way of resolution").

Lord Ponsonby of Shulbrede

I beg to move.

On Question, amendment to the amendment negatived.

On Question, Motion agreed to