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Company Managements (Transfer Abroad)

Volume 480: debated on Thursday 9 November 1950

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80.

asked the Chancellor of the Exchequer how many companies have been given permission by the exchange control department to transfer registrations abroad since 1st January, 1948; and how many applications are awaiting a decision.

I assume that my hon. Friend is referring to permission to transfer the seat of management abroad. Twenty-seven companies with an issue capital of about£37 million have been granted permission since 1st January, 1948. There are at present two applications outstanding. It is contrary to practice to give the names of applicants. The chief reasons for granting applications are the more efficient management of the company or the requirements of the country in which the company operates.

asked the Chancellor of the Exchequer if he will give the names of those companies which have been given permission to transfer registration abroad since 1st January, 1948; and what is the combined capital involved.

On the same assumption as in my reply to Question No. 80, the answer to the first part of the Question is, "No." The answer to the second part is that the total of issued capital of the companies concerned is about£37 million.

asked the Chancellor of the Exchequer on what principles are applications from companies to transfer registration abroad granted.

I assume again that the hon. Member means applications for permission to transfer seat of management abroad. The main considerations are, on the one hand, whether a case is made out on efficiency grounds, and, on the other, whether there are any countervailing considerations of wider national interest which make the transfer undesirable.