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New Clause—(Numbering Of Shares)

Volume 441: debated on Monday 28 July 1947

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(1) If, at any time all the issued shares in a company, or all the issued shares therein of a particular class, are fully paid up and rank pari passu for all purposes, none of those shares need thereafter have a distinguishing number (as required by Subsection (2) of Section sixty-two of the principal Act) so long as it remains fully paid up and ranks pari-passu for all purposes with all shares of the same class for the time being issued and fully paid up.

(2) Accordingly in Subsection (1) of Section ninety-five and Subsection (1) of Section ninety-seven of the principal Act (which relate

to the particulars to be entered in the register of members as to registered and bearer shares respectively) after the words "distinguishing each share by its number," there shall be inserted the words "so long as the share has a number."—[ The Solicitor-General.]

Brought up and read the First time.

I beg to move, "That the Clause be read a Second time."

This Clause deals with the numbering of shares. It is designed to meet a point made by the right hon. Member for Bristol West (Mr. Stanley). He pointed out that in Section 62, Subsection 3, of the Companies Act, 1929, there is an obligation to number shares which, in certain circumstances it was envisaged imposed an unnecessary burden upon those responsible for the company's affairs. What we seek to do in this new Clause is to remove that obligation, with Subsection (2) simply introducing a consequential Amendment.

Question put, and agreed to.

Clause read a Second time, and added to the Bill.

11.30 p.m.