How much of this is new?
SECTION 132.
Question proposed : " That Section 132 stand part of the Bill."
There are not very many changes in it.
It is very difficult to compare the wording because the form of draftsmanship is different.
Subsections (5) and (6) are new?
Yes. Subsection (3) involves a small change and subsections (5) and (6) are new, as Deputy Sweetman observed.
What is the change in subsection (3)?
The Act of 1908 used the words " if the directors do not proceed to cause a meeting to be held within 21 days ". It is now considered preferable to change this so that the obligation on the directors is to call a meeting within 21 days but not necessarily to hold it within that time. The obligation is to call but not necessarily to hold the meeting.
In regard to the variation in subsection (3), does it mean that the interpretation put on the old section was that the onus would be on the directors actually to hold a meeting and in this case if they convene the meeting and the necessary quorum does not turn up, it is none of their business? Is that the distinction?
That is so.
That is a fair one.
Question put and agreed to.