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Companies Acts

Volume 828: debated on Tuesday 21 December 1971

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asked the Secretary of State for Trade and Industry whether he will give, for the longest most convenient stated period of time, the number of convictions his Department have obtained for contravention of Section 126 of the Companies Act, 1948; and what penalty was imposed in each instance.

Most of this information is already available in the Companies General Annual Report. The labour of compiling details of individual penalties would not be justified, but the average penalty imposed is of the order of £10 per default.

asked the Secretary of State for Trade and Industry why, in view of the evidence submitted to him by Members of Parliament, company directors, accountants, lawyers and members of the public regarding unsatisfactorily organised insurance companies, he has failed to take action at any time under Sections 65, 174, 210 and Schedule 8 (paragraph 24) of the Companies Act, 1948, Schedule 2 (paragraph 9) of the Insurance Companies Act, 1958, Section 12 of the Prevention of Fraud (Investments) Act, 1958, Sections 17 and 26 of the Protection of Depositors Act, 1963, and Sections 32, 48, 60, 76 and 91 of the Companies Act, 1967.

Because no cases have occurred in which such action would have been appropriate.