This section gives the Minister powers to alter by order any of the financial limits laid down in Part III. These limits would include those in section 32 which laid down a number of monetary thresholds below which the transactions in question can be freely made and also the limits set down in section 40 as to what transactions, etc. must or need not be disclosed in the annual account and, in the case of a bank, what details must be kept in the bank's register of transactions, etc. The reason for having such an order — making power is to allow changes to be made in the operation of the provisions, involving suggestions if any of the limits are too high or, more likely, too low in practice. It will also allow account to be taken of the effects of changing money values.
SECTION 43.
Question proposed: "That section 43 stand part of the Bill."
Could I suggest to the Minister that it might be useful for him, between now and Report Stage, to consider whether he might add a piece to this dealing with the percentage limits. I realise that the same argument might not apply, but this might be worth looking at.
We have got further advice on this and we are quite satisfied that the percentage we are putting into the Bill is in order and is covered by the term "financial limits". We have got legal advice on this. The actual percentages mentioned in the Bill constitute financial limits as in section 43(1). Therefore, the Minister can change them by order.
He can change it from 10 per cent to 9 per cent?
He can change it up or down.
Question put and agreed to.