Company Law Reform Bill

moved Amendment No. 196:"Page 82, line 45, leave out ““relevant existing”” and insert ““other relevant””" The noble Lord said: This clause contains an exception from the requirement for member approval under Clauses 180 or 182 where a loan, quasi-loan or credit transaction is intended to provide a director with funds to meet expenditures on company business. The exception is subject to a limit of £50,000. In calculating whether the limit has been reached, it is necessary to add up the transaction in question and any other relevant existing transactions or arrangements. Clause 190 explains what is meant by ““other relevant existing transactions or arrangements”” for the purpose of this exception. The amendment changes the wording of Clause 185(2)(b) to bring it into line with Clause 190 and to make it consistent with the references to ““other relevant transactions or arrangements”” in Clause 187(1)(b) and (2)(b). I beg to move.