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Investigations On Behalf Of The Bank

Volume 115: debated on Thursday 7 May 1987

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Lords amendment: No. 18, in page 34, line 4, after "every" insert

"person who is or was a".

I beg to move, That this House doth agree with the Lords in the said amendment.

4.30 pm

The amendments correct omissions from the Bill as originally drafted. They relate to clause 41, which deals with investigations into the affairs of authorised institutions by inspectors appointed for the task by the Bank of England when it believes that an investigation is necessary in the interests of depositors. Subsection (5) imposes a duty on the directors, managers and controllers of an institution under investigation and on others closely connected with its business to co-operate with the inspectors. The analogous provision, section 17 of the 1979 Act, applied that duty also to people who were in such positions as well as to those who continued to be in such positions but were no longer at the time that the investigation took place. The drafting of the replacement provision in clause 41 did not include that, and we have taken this opportunity of correcting it.

Question put and agreed to.

Lords amendment No. 19 agreed to.