HL Deb 27 October 1981 vol 424 cc995-6

93 Clause 49, page 54, line 38, after first ("amount") insert ("(a)").

94 Clause 49, page 54, line 40, after ("company") insert ; and (b) any amount representing unrealised profits of the company for the time being standing to the credit of any reserve maintained by the company in accordance with paragraph 34 of Schedule 8 to the 1948 Act (the revaluation reserve);").

95 Clause 49, page 55, leave out lines 9 to 24 and insert: ("(7) The reference in subsection (2)(a) above to available profits of the company is a reference to the company's profits which are available for distribution (within the meaning of Part III of the 1980 Act), but the question whether a company has any profits so available and the amount of any such profits shall be determined for the purposes of this section in accordance with the following provisions of this section instead of in accordance with section 43 of the 1980 Act.

(8) Subject to subsection (9) below, that question shall be determined by reference to the relevant items (within the meaning of section 43 of the 1980 Act) as stated in the relevant accounts for determining the permissible capital payment for any shares under this section; and those accounts are such accounts, prepared as at any date within the period for determining the amount of that payment, as are necessary to enable a reasonable jurgment to be made as to the amounts of any of those items.

(9) For the purposes of determining the amount of the permissible capital payment for any shares under this section, the amount of the company's available profits (if any) determined in accordance with subsection (8) above shall be treated as reduced by the amount of any distributions lawfully made by the company after the date of the relevant accounts and before the end of the period for determining the amount of that payment.

The reference above in this subsection to distributions lawfully made by the company shall be read as including any financial assistance given by the company as mentioned in subsection (1)(a) or (b) of section (Supplementary provisions relating to Part III of the 1980 Act) of this Act and any payment of a description within subsection (1)(d) or (e) of that section lawfully made by the company.

(10) References in this section to the period for determining the amount of the permissible capital payment for any shares are references to the period of three months ending with the date on which the statutory declaration of the directors purporting to specify the amount of that payment is made in accordance with section 50(3) of this Act.").

Lord Lyell

My Lords, I beg to move that this House doth agree with the Commons in their Amendments Nos. 93 to 95.

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

On Question, Motion agreed to.