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Companies Bill [Lords]

With this it will be convenient to discuss the following amendments: No. 390, in page 78, line 24, leave out from ‘directors’ to end of line 25. No. 391, line 26, leave out subsection (4). No. 399, in page 79, line 36, clause 176, after ‘must’, insert ‘take all reasonable steps to’. No. 400, line 37, leave out ‘, or possibly may conflict,’. No. 401, line 38, at end insert ‘at the time when he seeks authorisation pursuant to subsection (5) below.’. No. 402, in page 80, line 4, leave out paragraph (a) and insert— ‘(a) if the director reasonably and in good faith believes the situation is not likely to give rise to a conflict of interest; or’. No. 403, line 14, at end insert— ‘(5A) The authorisation may, in either case, be given by them (unconditionally, or subject to such conditions or limitations as they may specify), either in relation to a particular matter or generally, following receipt by them of a general notice in accordance with section 183.’. No. 404, line 22, at end insert— ‘(8) Where a conflict or potential conflict arises because of multiple directorships, the duty is not infringed if the director ensures there is no disadvantage to the interests of the company.’.