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Company Law Reform Bill

I want to probe on Clause 164. We have now moved on to consent, approval or authorisation by members—the shareholders. Given that the statutory statement is intended to replace the existing common law rules and equitable principles, it is important for the Government to explain what the rules and principles referred to in Clause 164(1) are. I shall read the words on which I should be grateful for clarification. Clause 164(1) states that,"““the transaction or arrangement is not liable to be set aside by virtue of any common law rule or equitable principle requiring the consent or approval of the members of the company””." The Attorney-General has dealt with how reference is made to the common law and equity, but the Committee would be grateful for any general comments.