HL Deb 27 October 1981 vol 424 cc1010-1

120 After Clause 56, insert the following new clause:—

("Notification of certain family and corporate interests.

.—(1) For the purposes of sections (Obligation to notify known interests in voting shares in a public company) to (Obligation to notify particulars of registered ownership of voting shares in a public company) of this Act a person shall be taken to be interested in any shares in which his spouse or any infant child or step-child of his is interested.

(2) For the purposes of those sections, a person shall be taken to be interested in shares if a body corporate is interested in them and—

  1. (a) that body corporate or its directors are accustomed to act in accordance with his directions or instructions; or
  2. (b) he is entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of that body corporate.

(3) Where a person is entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of a body corporate and that body corporate is entitled to exercise or control the exercise of any of the voting power at general meetings of another body corporate (the "relevant voting power"), then, for the purposes of subsection (2)(b) above, the relevant voting power shall be taken to be exercisable by that person.

(4) For the purposes of subsections (2)(b) and (3) above, a person shall be taken to be entitled to exercise or control the exercise of any voting power if he has a right (whether subject to conditions or not) the exercise of which would make him so entitled or is under an obligation (whether so subject or not) the fulfi.ment of which would make him so entitled.

(5) In this section "infant", in relation to Scotland, means pupil or minor."

Lord Trefgarne

My Lords, this clause provides that specified family and corporate interests must be taken into account under the main notification requirement. I do not think that I need to go further. I beg to move that this House doth agree with the Commons in their Amendment No. 120.

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

On Question, Motion agreed to.