HL Deb 27 October 1981 vol 424 cc1056-8

220 Schedule 3, rage 126 leave out lines 23 and 24 and insert— ("(a) in subsection (2)—

  1. (i) the words "or filed", wherever occurring, shall cease to have effect; and
    2. 1057
  2. (ii) in paragraph (b) for the word "proper" there shall be substituted the word "reasonable";

"(7A) Where subsection (3)(a), (5)(a) or (6)(a) above applies to the relevant accounts, section 39(4A) of this Act shall not apply for the purposes of determining whether any revaluation of the company's fixed assets affecting the amount of any of the relevant items as stated in those accounts has taken place, unless it is stated in a note to those accounts—

  1. (a) that the directors have considered the value at any time of any fixed assets of the company without actually revaluing those assets;
  2. (b) that they are satisfied that the aggregate value of those assets at the time in question is or was not less than the aggregate amount at which they are or were for the time being stated in the company's accounts; and
  3. (c) that the relevant items affected are accordingly stated in the relevant accounts on the basis that a revaluation of the company's fixed assets which by virtue of section 39(4A) included the assets in question took place at that time."; and").

221 Schedule 3, rage 126 line 29, after ("words") insert ("",or filed" and the words").

222 Schedule 3, rage 126 line 35, leave out from beginning to end of line 37 and insert— ("(b) the redemption or purchase of any of the company's own shares out of capital (including the proceeds of any fresh issue of shares) or out of unrealised profits in accordance with Part III of the Companies Act Act 1981;"").

223 Schedule 3, page 127, line 46, leave out ("and").

224 Schedule 3, page 128, line 6, at end insert ("and (d) in subsection (6)(c) for the word "or", in the second place where it occurs, there shall be substituted the word "and".").

225 Schedule 3, page 128 line 8, after ("accounts)"), insert— ("(a) the following subsection shall be inserted after subsection (2)— (2A) Subsection (2) above does not apply, in relation to the accounts prepared by any company in respect of any relevant period, to transactions, arrangements and agreements made by the company or any of its subsidiaries for any officer of the company if the aggregate amount outstanding at the end of that period under the transactions, arrangements and agreements so made for that officer does not exceed £2,500."; and (b)").

226 Schedule 3, page 128 line 12, at end insert—

("48A. In section 58 (transactions, etc. excluded from sections 54 and 57) the following subsection shall be substituted for subsection (3)— (3) Subsections (1)(c) and (2)(c) of section 54 above do not apply, in relation to any accounts prepared by a company in respect of any relevant period, to any transaction or arrangement with a company or any of its subsidiaries in which a director of the company or of its holding company had, directly or indirectly, a material interest if—

  1. (a) the value of each transaction or arrangement within subsection (1)(c) or (2)(c), as the case may be, in which that director had, directly or indirectly, a material interest and which was made after the commencement of that relevant period with the company or any of its subsidiaries; and
  2. (b) the value of each such transaction or arrangement which was made before the commencement of that period less the amount (if any) by which the liabilities of the person for whom the transaction or arrangement was made have been reduced; 1058 did not at any time during the relevant period exceed in the aggregate £1,000 or, if more, did not exceed £5,000 or one per cent. of the value of the net assets of the company preparing the accounts in question as at the end of the relevant period for those accounts, whichever is the less.".".

227 Schedule 3, page 128 line 20, at end insert— ("49A. In section 64(4) (application of section 28 of the 1967 Act to section 64(3)) for the words "subsection (3)(b)" there shall be substituted the words "subsections (4A) and (4B)".".

Lord Lyell

My Lords, I beg to move that this House doth agree with the Commons in their Amendments Nos. 220 to 227 en bloc.

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

On Question, Motion agreed to.