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Company Law Bill [HL]

moved Amendment No. A91:"Page 283, line 18, after ““passed”” insert ““on the same day as or””" The noble Lord said: This is a small point that is perhaps linked to the argument I made 10 minutes or so ago about extending the 15 days on redenomination of share capital. The purpose of these three amendments—and I speak to Amendments Nos. A91, A92 and A93—is to provide companies with a slightly longer deadline by which they must pass a special resolution to effect a redenomination of share capital. This clause deals with the process by which a company effects a reduction of capital in connection with a redenomination of its shares. The purpose of the amendment is very straightforward. To provide a little more flexibility, particularly if the Government are minded to give a little on the earlier 15-days point, could the resolution to authorise the reduction of capital take place in the period of three months after the redenomination takes place, rather than in three months of the resolution effecting the redenomination? As I indicated in the earlier amendment, sometimes the redenomination takes place subject to conditions—so that adds 15 days anyway. If the Government, in their normal wisdom and kindness, are going to extend the 15 days, that makes the point even more effective. It would seem more logical for the clause to refer to the period of three months after the redenomination taking place, rather than simply in the three months of the resolution effecting the redenomination. I beg to move.