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Vesting Of Property Etc Of Corporation In A Company Nominated By The Secretary Of State And Dissolution Of Corporation

Volume 131: debated on Wednesday 13 April 1988

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

Amendments made: No. 20, in page 1, line 20, at end insert—

'(3A) Shares issued to the Secretary of State in connection with the vesting of property, rights and liabilities in the successor company by virtue of subsection (1) above shall be issued as fully paid and treated for the purposes of the Companies Act 1985 as if they had been fully paid up by virtue of the payment to the successor company of their nominal value in cash.'.

No. 21, in line 21, at end insert—

`not later than the day on which an order is made under subsection (1) above,'

No. 22, in line 24, at end insert—

'(4A) Nothing in subsection (4) above shall be construed as limiting the operation of section 14 of the Interpretation Act 1978 (implied power to amend) so far as that section relates to the revocation of an order under subsection (4) above.
(4B) The Secretary of State may by order made by statutory instrument provide that provisions of the memorandum or articles of association of the successor company which have been specified in an order under subsection (4) above shall be alterable without his approval.'.—[Mr. Newton.]