§ 82 Clause 47, page 52, line 14, leave out ("transferred ") and insert ("delivered").
§ 83 Clause 47, page 52, line 18, leave out ("transferred") and insert ("delivered").
§ 84 Clause 47, page 52, line 26, leave out ("transferred") and insert ("delivered to the company").
§ Lord LyellMy Lords, I beg to move Amendments Nos. 82, 83 and 84 together. These three amendments replace references to shares being "transferred" to the company with references to their being "delivered" to the company. The use of the word "transfer" was held by some commentators to carry the implication that it would be necessary to use what we call, in our felicitous translation, an instrument of transfer to effect a purchase of own shares. The Government see no reason for company law to require an instrument of transfer in a purchase or redemption of one's own shares, and thus it will be possible under company law to effect a purchase or redemption by simply delivering share certificates against payment. I beg to move that this House doth agree with the Commons in their Amendments Nos. 82 to 84.
§ Moved, That this House doth agree with the Commons in the said amendments.—(Lord Lyell.)
§ On Question, Motion agreed to.