---

Company Law Reform Bill

moved Amendment No. A62:"Page 265, line 17, leave out subsection (1)." The noble Lord said: I hope that this will be dealt with by a simple nod from the Minister. The amendment covers yet another argument in relation to transitional provisions. Clause 556 substitutes a new section for Section 125 into the Companies Act 1985 and deals with the variation of class rights by companies having a share capital. Clearly there needs to be a transitional provision to permit a variation of class rights pursuant to the procedure laid down in Section 125 where the variation is by extraordinary resolution at a separate general meeting of the holders of the relevant class and the meeting is convened before the clause comes into effect. I hope that this is just another matter to be dealt with under Amendment No. A272. It is another to add to the list to ensure that it is covered in the list of transitional provisions. I beg to move.