I move amendment No. 54 :
In subsection (5), page 88, line 50, after "£100 " to insert " or to both ".
SECTION 149.
Amendment agreed to.
Question proposed : " That Section 149, as amended, stand part of the Bill. "
In subsection (2)—" A company's balance sheet and profit and loss account shall comply with the requirements of the Sixth Schedule so far as applicable thereto ”—could the Minister elaborate on that qualification, “ so far as applicable thereto ”?
The Sixth Schedule is broken up into a number of parts and some parts would not apply to certain companies. For instance, there are special provisions in it relating to the accounts of a company which is a holding company, or which is a subsidiary, and, if a company were neither, then these particular provisions would not apply. I suggest these things can really be cleared up more appropriately when we come to the Schedule.
I agree, but the reason why I ask about the qualification " so far as applicable thereto " is because I want to know if that may not be broad enough to allow an escape.
I doubt it. I think it is very necessary because, apart from the examples I mentioned, there are various other requirements in the Sixth Schedule which just would not apply to certain companies—for instance, where there is a requirement to disclose certain information which would not be at all relevant to them. I do not think it provides an escape clause really.
It is a completely new section.
It is.
How does it compare with the British section?
It is very much the same, if not identical. Our own committee recommended the adoption of a block of sections from the British law, and this is one of the block.
Question put and agreed to.