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Company Law Reform Bill

I am grateful for the intervention made by the noble Lord, Lord Wedderburn. My concern is with the word ““memorandum””, and I repeat that I cannot trace, certainly in statute, a clear definition. I accept the Minister’s explanation; the thrust of what he said must be correct. We on this side would prefer that the memorandum should be an accurate written record of the terms. If there is no contract—maybe a contract has to be amended or simply has not been concluded—the record should be clear, comprehensive and specific. I am not persuaded by the word ““memorandum””, although it is well established in practice. Here is an opportunity for us to do something that would improve practice. I accept what the Minister said, but I reserve the right to return to this. It may seem a small point, but for me it is a point of principle. I beg leave to withdraw Amendment No. 221. Amendment, by leave, withdrawn. Clause 206 agreed to. Clauses 207 to 209 agreed to. Clause 210 [Provisions protecting directors from liability]: