Amendment No. 74 is consequential on amendment No. 73 and both amendments may be discussed together.
SECTION 192
I move amendment No. 73 :
In subsection (1), page 113, to delete lines 17 to 22 and substitute:
" (a) the amount of any loans made during the company's financial year to—
(i) any director of the company;
(ii) any person who, after the making of the loan, became during that year a director of the company; and
(iii) any body corporate in which the directors of the company (or any of them) are beneficially entitled to more than 20 per cent. in nominal value of the shares of such body corporate which carry voting rights other than voting rights which arise only in specified circumstances."
Section 192 requires particulars of loans to directors to be given in the accounts and the amendment I propose here is simply an extension of the requirement to cover loans given to bodies corporate in which a director of the company is beneficially entitled to more than 20 per cent. of the shares. It arises out of a recommendation in the report of the Jenkins Committee. It extends the section.
I think it is very essential. In the English newspapers today, there is a report of a case in that connection. It is desirable that the amendment should be adopted.
Amendment agreed to.
I move amendment No. 74 :
In subsection (1), paragraph (b), to delete " or person " and substitute ", person or body corporate ".
Amendment agreed to.
Section 192, as amended, agreed to.