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Company Law Reform Bill [HL]

moved Amendment No. A172:"Page 439, line 39, at end insert—" ““(   )   In subsection (6) of section 429 of the Companies Act 1985 (failure to send notice etc relating to buy-out of minority shareholders) for the words from ““shall be liable to imprisonment”” to the end substitute ““commits an offence””. (   )   After subsection (7) insert— ““(7A)   A person guilty of an offence under this section is liable— (a)   on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); (b)   on summary conviction— (i)   in England and Wales, to imprisonment for a term not exceeding twelve months or to a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fiftieth of the statutory maximum; (ii)   in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months, or to a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fiftieth of the statutory maximum.”””” The noble Lord said: The amendment is designed to deal with what I think the noble Lord, Lord Hodgson, called the ““onion skin problem”” of non-consolidation. It would move paragraphs 32 and 33 of Schedule 4 into Schedule 3, so that all the amendments to Sections 429 and 430A of the Companies Act 1985 can be found in the same place in the new statute. Since the Act is not to be a full consolidation—