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Objection To New Or Increased Control

Volume 115: debated on Thursday 7 May 1987

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Lords amendment:: No. 3, in page 17, line 25, leave out subsection (4).

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

With this, it will be convenient to take Lords amendment No. 4.

The amendments correct the procedural provisions for the giving of notices of objection by the Bank of England. As drafted, the clause did not take account of the period allowed for representations to be made by a person who has acquired a controlling shareholding without clearance and is subsequently served with a preliminary notice of objection by the Bank of England. The Bank might therefore run short of time to consider the case, given that the final notice must be served with an overall time limit of three months. The purpose of the amendments is to take account of that passage of time and also to clarify the Bank's authority to require information and documents in such cases.

Question put and agreed to.

Lords amendment No. 4 agreed to.