Company Law Bill [HL]

I speak to oppose the question whether this clause should stand part of the Bill and at the same time to speak to Amendment No. A79. Amendment No. A78, which we have just agreed, restates Sections 159 and 160 of the 1985 Act. In the light of this change, we propose also to clarify the law on a purchase of own shares by a company. Amendment No. A79 restates, in the context of a purchase of own shares, those provisions in the 1985 Act on a redemption of own shares which appear to be applicable to a purchase of own shares, and makes such adaptations to those provisions as are necessary to ensure that the restated provisions work in the context of a purchase of own shares. I therefore propose that Clause 568 should be replaced by the new clause to be inserted in the Bill by Amendment No. A79. Clause 568 negatived.