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Kirkby Manufacturing And Engineering Ltd

Volume 886: debated on Wednesday 12 February 1975

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asked the Secretary of State for Industry (1) whether his prior consent is required for the making of wage, salary or other payments in excess of £50 per week to any employee, director or official of the Kirkby Manufacturing and Engineering Company;(2) whether his prior consent is required for substantial acquisitions and disposals made by the Kirkby Manufacturing and Engineering Company within its present trading activities;(3) whether his prior consent is required for the declaration or payment of any dividends on the shares of the Kirkby Manufacturing and Engineering Company;(4) whether his prior consent is required for the taking up or making of loans by the Kirkby Manufacturing and Engineering Company.

It is not the practice to disclose details of agreements with companies in receipt of selective financial assistance. Exceptionally, however, and with the consent of the company, I can say that the formal agreement between my Department and Kirkby Manufacturing and Engineering Ltd. provides among other things that the company shall not without consulting us in relation thereto make any general increase in wages paid to its employees, and shall not without our written consent (a) sell, transfer or otherwise dispose of—save in the normal course of trading—the whole or any substantial part of its undertaking nor its assets; (b) make any distribution to its members; (c) borrow or, except in the ordinary course of business, lend.