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Company Law Reform Bill [HL]

moved Amendment No. 63:"Page 25, line 2, after first ““its”” insert ““profits (if any) or other””" The noble Lord said: I have a feeling that I shall be given the same answer to this amendment as I received on the previous one. Nevertheless, I may as well have a go. The corresponding section in the Companies Act 1985, Section 30(3)(b)(i), contains the words that this amendment seeks to reinsert. If the amendment were accepted, the relevant provision would read,"““require its profits (if any) or other income to be applied in promoting its objects””." I am not clear why those words have been omitted. Will the noble Lord confirm or deny whether there has been any change in the meaning of Clause 63(3) by comparison with its 1985 predecessor? I beg to move.