Company Law Bill [HL]

moved Amendment No. A73F:"Page 272, line 45, at end insert ““if at the time of the assistance the subsidiary company is a public company””" The noble Lord said: We are still in Clause 565, but we are looking at prohibitive financial assistance under new Section 151A. We seek to insert additional wording to the bottom of page 272. It is a clarificatory amendment, which addresses the point that the subsidiary covered by the prohibition must be a public company at the time that the assistance is given. For example, a private company could be taken public after the relevant assistance has been given. The amendment would address any retrospective argument that the assistance may have for any reason been invalidly given. Therefore, on the basis that this is for clarification, I beg to move.