§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry whether he has any plans to propose legislation under which within six weeks of the share quotation being suspended the existing board of directors will be required to offer itself for re-election.
§ Mr. RedwoodNo. If the shareholders of such a company wish to dismiss some or all of the directors they may requisition the convening of an extraordinary general meeting for that purpose under the provisions of section 368 of the Companies Act 1985.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry whether he will bring forward proposals for legislation to require a company whose share quotation is suspended to call an extraordinary meeting.
§ Mr. RedwoodNo. Section 368 of the Companies Act 1985 already gives a company's shareholders the power to requisition an extraordinary general meeting if they consider one necessary.