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Power To Make Prohibition Orders

Volume 98: debated on Wednesday 4 June 1986

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: No. 129, in page 52, line 44, leave out 'by means' and insert

'or otherwise in its possession by virtue'.

No. 130, in page 52, line 44, at end insert—

'(2A) A disposal of assets in pursuance of a prohibition order shall vest the assets in the transferee but without prejudice to any claim against the society by a person who had an interest in the assets.'.

No. 131, in page 54, line 3, at end insert—

`(10A) The requirement of subsection (10) is satisfied by serving a copy on each director whose appointment has been officially notified and the non-receipt of a copy by a director or the chief executive does not affect the validity of the direction.'.

No. 132, in page 54, line 4, after '(11)', insert

`Subject to subsection (11A) below,'.

No. 133, in page 54, line 5, at end insert—

'(11A) The Commission may suspend or revoke a prohibition order so far as it relates to an asset the disposal of which appears to it, on the application of the society, to be impracticable.'. —[Mr. Ian Stewart.]