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Debate on bill on Tuesday, 16 May 2006, in the House of Lords.

Company Law Reform Bill [HL]

Company Law Reform Bill (HL). Lords Report stage, third day. Concluded. (HL Bill 108 2005-06). (Part 1 of 2)

Secondary information

Type
Parliamentary proceeding
Reference
682 c141-90 
Session
2005-06
Department
Department of Trade and Industry
Legislative stage
Report stage
Procedure
New clauses
Chamber / Committee
House of Lords chamber
Related items
Company Law Reform Bill [HL]
Tuesday, 16 May 2006
Parliamentary proceedings
House of Lords
Proceeding contributions
Baroness Noakes | 682 c144 (Link to this contribution) My Lords, will the noble Lord say something about the timescale for consultation and the manner in w...
Baroness Noakes | 682 c142 (Link to this contribution) moved Amendment No. 336:"Page 238, line 30, at end insert—" ““(   )   The notice of the resolution...
Show all contributions (100)
Lord McKenzie of Luton | 682 c142-4 (Link to this contribution) My Lords, as has been outlined by the noble Baroness, at present a company is entitled to remove its...
Lord Sainsbury of Turville | 682 c141-2 (Link to this contribution) My Lords, I beg to move that the Bill be now further considered on Report. Moved accordingly, and, ...
Baroness Goudie | 682 c145-6 (Link to this contribution) moved Amendment No. 347:"Page 243, line 10, leave out from ““of”” to end of line 14 and insert ““any...
Baroness Noakes | 682 c146 (Link to this contribution) My Lords, my name appears on Amendment No. 349, with that of the noble Baroness, Lady Goudie, but I ...
Lord McKenzie of Luton | 682 c145 (Link to this contribution) moved Amendment No. 338:"Page 240, line 22, leave out from ““the”” to end and insert ““auditor is us...
Baroness Goudie | 682 c145 (Link to this contribution) My Lords, I am very happy with these government amendments. I will not move my amendment when we rea...
Lord McKenzie of Luton | 682 c145 (Link to this contribution) moved Amendment No. 344:"Page 242, line 40, leave out from second ““the”” to end of line 41 and inse...
Lord McKenzie of Luton | 682 c145 (Link to this contribution) moved Amendment No. 341:"Page 241, line 19, leave out from second ““the”” to end of line 20 and inse...
Baroness Noakes | 682 c144 (Link to this contribution) My Lords, I thank the Minister for that reply. I was disappointed by the highly legalistic nature of...
Lord McKenzie of Luton | 682 c144 (Link to this contribution) My Lords, as I said, the directive has to be introduced by June 2008, so the consultation clearly ha...
Baroness Noakes | 682 c145 (Link to this contribution) My Lords, I have three amendments in this group. I am delighted that the Government took the measure...
Lord McKenzie of Luton | 682 c144-5 (Link to this contribution) moved Amendment No. 337:"Page 239, line 9, leave out from second ““the”” to end of line 10 and inser...
Baroness Noakes | 682 c150-1 (Link to this contribution) My Lords, I thank the Minister for his reply. I accept that it is a question of balance between impo...
Baroness Goudie | 682 c146 (Link to this contribution) My Lords, may I come back on Amendment No. 349 as well? The policy proposed by the Audit Quality For...
Lord McKenzie of Luton | 682 c149-50 (Link to this contribution) My Lords, again we do not have a complete meeting of minds on this issue. As I said in Grand Committ...
Baroness Noakes | 682 c149 (Link to this contribution) moved Amendment No. 350:"Page 244, line 1, leave out ““the auditor of the application”” and insert—"...
Baroness Goudie | 682 c149 (Link to this contribution) My Lords, I thank the Minister and look forward to hearing from him at Third Reading. I beg leave to...
Lord McKenzie of Luton | 682 c147-9 (Link to this contribution) My Lords, notwithstanding that, I still do not believe that anything in the Bill would prevent the a...
Viscount Bledisloe | 682 c147 (Link to this contribution) My Lords, I am not saying that he is prevented: he can say that he has been removed because they do ...
Lord McKenzie of Luton | 682 c147 (Link to this contribution) My Lords, I do not believe that there is anything in the clause as currently drafted that would prev...
Viscount Bledisloe | 682 c147 (Link to this contribution) My Lords, I would like to support Amendment No. 349. Although the distinction may seem initially to ...
Lord Lyell | 682 c146-7 (Link to this contribution) My Lords, I support the noble Baroness, Lady Goudie, and my noble friend in what they have said; par...
Lord Razzall | 682 c173 (Link to this contribution) My Lords, I thank the Minister for his answer. This is obviously a detailed practical issue. I shall...
Lord McKenzie of Luton | 682 c172-3 (Link to this contribution) My Lords, if the noble Lord asks whether I am saying that the stockbroker can act in that way to mak...
Lord Sainsbury of Turville | 682 c174 (Link to this contribution) moved Amendment No. 413:"Page 257, line 9, leave out ““number”” and insert ““amount””" The noble Lo...
Lord McKenzie of Luton | 682 c174 (Link to this contribution) moved Amendment No. 412:"Page 256, line 19, leave out subsection (4)." On Question, amendment agree...
Lord McKenzie of Luton | 682 c173-4 (Link to this contribution) moved Amendments Nos. 409 to 411:"Page 254, line 11, leave out ““for re-registration (rather than wi...
Lord McKenzie of Luton | 682 c173 (Link to this contribution) moved Amendments Nos. 405 to 407:"Page 254, line 2, at beginning insert ““This section applies””""Pa...
Lord Hodgson of Astley Abbotts | 682 c175-6 (Link to this contribution) moved Amendment No. 419A:"Before Clause 552, insert the following new clause—" ““OFFERS TO SHAREHO...
Lord Sainsbury of Turville | 682 c175 (Link to this contribution) moved Amendments Nos. 418 and 419:"Page 258, line 1, leave out ““number of””""Page 258, line 3, leav...
Lord Sainsbury of Turville | 682 c174-5 (Link to this contribution) moved Amendments Nos. 414 to 417:"Page 257, line 22, leave out ““number”” and insert ““amount””""Pag...
Lord Razzall | 682 c174 (Link to this contribution) My Lords, it would be churlish of me not to thank the Minister for meeting the point that I made. O...
Baroness Noakes | 682 c153-4 (Link to this contribution) My Lords, I thank the Minister for his reply and for updating me on the new name of what used to be ...
Lord McKenzie of Luton | 682 c152 (Link to this contribution) My Lords, I start by dealing with the specific question on Amendment No. 370 concerning which body i...
Baroness Noakes | 682 c152 (Link to this contribution) My Lords, can the Minister clarify this point? It is important and I would like to pursue it. Amend...
Lord McKenzie of Luton | 682 c155-6 (Link to this contribution) moved Amendment No. 363:"Page 246, line 4, leave out subsection (1) and insert—" ““(1)   The appro...
Lord McKenzie of Luton | 682 c154 (Link to this contribution) moved Amendment No. 360:"Leave out Clause 513." On Question, amendment agreed to.
Lord McKenzie of Luton | 682 c154-5 (Link to this contribution) moved Amendments Nos. 361 and 362:"After Clause 513, insert the following new clause—" ““DUTY OF A...
Lord McKenzie of Luton | 682 c151 (Link to this contribution) moved Amendment No. 351:"Page 244, line 3, leave out from ““is”” to end of line 4 and insert ““using...
Baroness Noakes | 682 c151-2 (Link to this contribution) moved Amendment No. 353:"Page 245, line 3, leave out ““and the company””" The noble Baroness said: ...
Lord McKenzie of Luton | 682 c157-8 (Link to this contribution) moved Amendment No. 372:"After Clause 519, insert the following new clause—" ““MEANING OF ““QUOTED...
Lord Goldsmith | 682 c158-9 (Link to this contribution) moved Amendment No. 373:"Page 248, line 31, after ““company”” insert ““occurring in the course of th...
Baroness Noakes | 682 c159 (Link to this contribution) My Lords, I have many amendments in this group which I tabled again because we were advised by those...
Lord Goldsmith | 682 c160-1 (Link to this contribution) My Lords, let me first try to deal with the question raised by the noble Viscount, Lord Bledisloe. I...
Lord Goldsmith | 682 c161-2 (Link to this contribution) moved Amendments Nos. 374 and 375:"Page 248, line 36, at end insert ““occurring in the course of the...
Lord McKenzie of Luton | 682 c157 (Link to this contribution) moved Amendment No. 369:"Page 246, line 15, leave out ““under section 513””" On Question, amendment...
Lord McKenzie of Luton | 682 c157 (Link to this contribution) moved Amendment No. 370:"After Clause 514, insert the following new clause—" ““MEANING OF ““APPROP...
Lord McKenzie of Luton | 682 c164-5 (Link to this contribution) moved Amendment No. 396:"Page 252, line 26, leave out subsection (5)." The noble Lord said: My Lord...
Lord Sharman | 682 c165 (Link to this contribution) My Lords, I thank the Minister for the response that the Government have made to the concerns I rais...
Lord Goldsmith | 682 c164 (Link to this contribution) moved Amendment No. 394:"Leave out Clause 527." On Question, amendment agreed to. Clause 528 [Mino...
Lord Goldsmith | 682 c164 (Link to this contribution) moved Amendment No. 395:"Page 251, line 41, leave out subsection (2)." On Question, amendment agree...
Lord Goldsmith | 682 c163-4 (Link to this contribution) moved Amendment No. 391:"Page 250, line 20, at end insert—" ““(   )   In determining what is fair ...
Lord Goldsmith | 682 c164 (Link to this contribution) moved Amendment No. 392:"Leave out Clause 526." On Question, amendment agreed to. Clause 527 [Term...
Lord Goldsmith | 682 c162-3 (Link to this contribution) moved Amendment No. 381:"Leave out Clause 523 and insert the following new Clause—" ““AUTHORISATIO...
Lord Goldsmith | 682 c163 (Link to this contribution) moved Amendment No. 387:"Page 250, line 13, after ““regard”” insert ““(in particular)””" On Questio...
Lord Goldsmith | 682 c162 (Link to this contribution) moved Amendment No. 379:"Leave out Clause 522 and insert the following new Clause—" ““LIABILITY LI...
Lord Goldsmith | 682 c162 (Link to this contribution) moved Amendment No. 380:"After Clause 522, insert the following new clause—" ““TERMS OF LIABILITY ...
Lord Razzall | 682 c172 (Link to this contribution) My Lords, is the noble Lord saying under Clause 530(3)(a), any firm of stockbrokers can send out any...
Lord McKenzie of Luton | 682 c169 (Link to this contribution) My Lords, before the noble Lord sits down, can we agree that there may be some discussion about what...
Lord Sharman | 682 c169 (Link to this contribution) Yes, my Lords, I do. The only issue between us is precisely the one he mentioned up front; that is, ...
Lord Razzall | 682 c169-70 (Link to this contribution) moved Amendment No. 404:"Page 253, line 33, at end insert—" ““(8) An offer is not regarded as an o...
Lord McKenzie of Luton | 682 c170-2 (Link to this contribution) My Lords, this amendment seeks to add a further exemption to the public offer prohibition. It is als...
Lord Sharman | 682 c165-6 (Link to this contribution) moved Amendment No. 398:"Page 252, line 36, leave out ““calculated”” and insert ““intended””" The n...
Lord Hodgson of Astley Abbotts | 682 c166 (Link to this contribution) My Lords, although my name is not on these amendments, I think that the points the noble Lord, Lord ...
Lord McKenzie of Luton | 682 c166-9 (Link to this contribution) My Lords, the nub of the debate is whether we believe there should be an objective or subjective tes...
Lord Sharman | 682 c169 (Link to this contribution) My Lords, I am grateful for that very full reply from the Minister, and for his acknowledgement that...
Lord Sainsbury of Turville | 682 c165 (Link to this contribution) moved Amendment No. 397:"Page 252, line 30, leave out from ““in”” to ““by”” in line 31 and insert ““...
Lord Sainsbury of Turville | 682 c182 (Link to this contribution) My Lords, these amendments relate to the existing ““principal purpose”” exception to the general pro...
Lord Sharman | 682 c183 (Link to this contribution) My Lords, I am grateful to the Minister for his full explanation of this matter. I am content with i...
Lord Sainsbury of Turville | 682 c183 (Link to this contribution) moved Amendment No. 429:"Leave out Clause 576." The noble Lord said: My Lords, Amendments Nos. 429 ...
Lord Sainsbury of Turville | 682 c183-5 (Link to this contribution) moved Amendments Nos. 430 to 432:"After Clause 576, insert the following new clause—" ““POWER OF P...
Lord Sharman | 682 c181-2 (Link to this contribution) moved Amendment No. 427:"Page 276, line 26, leave out ““principal purpose”” and insert ““predominant...
Baroness Noakes | 682 c187 (Link to this contribution) My Lords, I will not weary the House with a dissertation on the impact of IFRS. Even were I fully co...
Lord Razzall | 682 c186 (Link to this contribution) My Lords, I am grateful to the Minister—I speak for the Liberal Democrats—for taking on board at lea...
Lord Sainsbury of Turville | 682 c185-6 (Link to this contribution) moved Amendment No. 433:"Page 287, line 19, leave out ““15”” and insert ““28””" The noble Lord said...
Baroness Goudie | 682 c186-7 (Link to this contribution) moved Amendment No. 435:"After Clause 589, insert the following new clause—" ““PART 19A LIMITS OF ...
Lord Sainsbury of Turville | 682 c186 (Link to this contribution) moved Amendment No. 434:"Page 287, leave out lines 32 to 34 and insert—" ““Divide the resulting fi...
Lord McKenzie of Luton | 682 c190 (Link to this contribution) moved Amendments Nos. 441 and 442:"Page 296, line 13, leave out from beginning to ““enter”” and inse...
Lord McKenzie of Luton | 682 c190 (Link to this contribution) My Lords, I beg to move that further consideration on Report be now adjourned. Moved accordingly, a...
Baroness Goudie | 682 c189 (Link to this contribution) My Lords, in the light of my noble friend’s reply, I am happy not to press my amendments and look fo...
Lord McKenzie of Luton | 682 c189-90 (Link to this contribution) moved Amendment No. 440:"Page 292, line 4, leave out ““(excluding”” and insert ““(including””" The ...
Lord Sharman | 682 c187-8 (Link to this contribution) My Lords, I am extremely grateful that the noble Baroness, Lady Noakes, did not give us the benefit ...
Lord Sainsbury of Turville | 682 c188-9 (Link to this contribution) My Lords, as we discussed in Committee, these amendments concern the distribution of profits and the...
Lord Razzall | 682 c178 (Link to this contribution) My Lords, from these Benches I echo the point made by the noble Lord, Lord Hodgson. The Minister has...
Lord Hodgson of Astley Abbotts | 682 c178 (Link to this contribution) My Lords, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. [Amendments Nos. ...
Lord Sainsbury of Turville | 682 c176-7 (Link to this contribution) My Lords, as someone who hated cricket with a passion I will resist responding in similar terms. I h...
Lord Hodgson of Astley Abbotts | 682 c177-8 (Link to this contribution) My Lords, that was a handsome offer. The Minister may not like cricket, but he certainly hit the bal...
Lord Sharman | 682 c180 (Link to this contribution) My Lords, I am grateful to the Minister for responding to the amendments, which were tabled by the n...
Lord Sainsbury of Turville | 682 c179-80 (Link to this contribution) moved Amendment No. 423:"Page 270, line 36, leave out from beginning to end of line 7 on page 271 an...
Lord Sainsbury of Turville | 682 c179 (Link to this contribution) moved Amendment No. 422:"Page 264, line 27, at end insert—" ““(   )   section (Enforcement of proh...
Lord Sainsbury of Turville | 682 c178-9 (Link to this contribution) moved Amendments Nos. 420 and 421:"After Clause 552, insert the following new clause—" ““PROVISION...
Lord Sainsbury of Turville | 682 c180-1 (Link to this contribution) moved Amendment No. 426:"Page 272, line 15, after ““statement”” insert ““must be in the prescribed f...
Lord Hodgson of Astley Abbotts | 682 c180 (Link to this contribution) My Lords, I too am grateful to the Minister for responding to a quite technical matter that has conc...
Lord McKenzie of Luton | 682 c152-3 (Link to this contribution) My Lords, the drafting as currently before us is not as clear as it might be on that point. But the ...
Baroness Noakes | 682 c156-7 (Link to this contribution) had given notice of her intention to move, as an amendment to Amendment No. 363, Amendment No. 364:"...
Lord McKenzie of Luton | 682 c157 (Link to this contribution) moved Amendment No. 371:"Page 246, line 24, leave out from beginning to ““any”” and insert ““If an a...
Lord Sharman | 682 c159-60 (Link to this contribution) My Lords, I shall not repeat everything that the noble Baroness said about our thanks for how the Go...
Viscount Bledisloe | 682 c160 (Link to this contribution) My Lords, can the Minister enlighten me on one point? Suppose that an auditor is invited to take on ...
Subjects
Disciplinary proceedings Disclosure of information Audit Accountancy Company law Company accounts Companies Liability EU law Documents Exemptions Internet Qualifications Staff Public records Private companies Registration Shares Shareholders
Legislation
Company Law Reform Bill (HL) 2005-06
Link
View this Parliamentary proceeding on www.publications.parliament.uk