§ 18 Clause 25, page 32, line 15, after ("members") insert ("generally").
§ 19 Clause 25, page 32, line 19, at end insert ("(whether or not the body is a member of the company)").
§ Lord Trefgarne
My Lords, I beg to move that this House doth agree with the Commons in their Amendments Nos. 18 and 19 en bloc. Clause 25(2)(b)(iii) requires all the assets on the winding-up of a company exempt from using the word "limited" to be transferred either to another body with objects similar to its own or to one whose objects are the promotion of charity and anything related thereto. It has been suggested that this present wording would preclude the transfer of assets on winding-up to any member or members who are themselves bodies with objects similar to those of the company being wound up. It appears to be not uncommon for charitable and other companies falling within the scope of Clause 25 to have among their members other charities or non-profit making bodies with similar objects. The object of these amendments is to make clear that bodies to which available assets could otherwise be transferred need not be excluded from consideration by reason only of the fact that they are members of the company being wound up.
§ Moved, That this House doth agree with the Commons in the said amendments.—(Lord Trefgarne.)
§ On Question, Motion agreed to.