Proceeding contribution from James Brokenshire (Conservative) in the House of Commons on Thursday, 19 October 2006. It occurred during Debate on bill on Companies Bill (HL).

Companies Bill [Lords]

The new clauses relate to the old section 212 notice provisions. Where a shareholder or beneficial holder fails to respond to a section 212 notice inquiry into the ownership of the shares in question, a public company generally has powers in its articles to remove rights from the shares. Those powers will now go into the Bill so that transfers can be blocked, rights to vote removed, and so forth. However, the Minister will appreciate that that is very much the nuclear option and that, in all likelihood, it will rarely, if ever, be used. I have only one question: how extensive has the Minister’s consultation been, and what further consultation and review will be undertaken on the matter?

Secondary information

Type: Proceeding contribution
Reference: 450 c1081
Session: 2005-06
Chamber / Committee: House of Commons chamber
Subjects: Disclosure of information Consumers Accountability Audit Accountancy Company law Company accounts Companies Directors Business Civil proceedings Conflict of interests Liability Jurisdiction Documents Intellectual property Internet Protection Prosecutions Mergers Public companies Staff Shares Voting rights Shareholders Reorganisation
Legislation: Companies Bill (HL) 2005-06
Link: View this Proceeding contribution on www.publications.parliament.uk

Companies Bill [Lords]

Secondary information

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