§ 209 Clause 126, page 134, line 15, leave out sub-paragraphs (ii) and (iii).
§ Lord Fraser of CarmyllieMy Lords, I beg to move that the House do agree with the Commons in their Amendment No. 209. In moving this amendment, I shall speak also to Amendments Nos. 273 and 275 to 294.
These amendments mainly concern definitions used in the part and are mostly minor or consequential. There are three points that I wish to highlight. First, Amendment No. 209 drops from the Bill two sub-paragraphs whose purpose was to ensure that the so-called back-to-back contracts relating to business on the futures exchanges are within the scope of the part. We have been persuaded that the wording is too wide as it stands and that it would be better to deal with the question of back-to-back contracts as necessary in regulations.
Secondly, the new clause inserted by Amendment No. 273 deals with a potential anomaly by allowing provision to be made for circumstances in which a person enters into contracts in more than one capacity.
1058 Thirdly, Amendment No. 282 inserts a definition of notice for the purposes of the part. As I have already said, the other amendments are minor or consequential.
§ Lord Williams of ElvelMy Lords, we agree with the Commons amendments in principle. As we now have the benefit of the noble and learned Lord at the Dispatch Box, perhaps I may ask him about Amendment No. 276. What, in Scotland, is a "judicial factor"?
§ Lord Fraser of CarmyllieMy Lords, a judicial factor is someone appointed by the court to operate as a trustee. It may occur in a number of different circumstances. For example, a judicial factor might be appointed where a trust has got into difficulty. It might be in relation to a company or partnership. It is essentially a person appointed by the court to take over the running of the organisation, estate or whatever.
Moved, That the House do agree with the Commons in the said amendment. —(Lord Fraser of Carmyllie.)
On Question, Motion agreed to.