Company Law Reform Bill [HL]

moved Amendment No. 102:"Page 89, line 25, leave out ““proposal”” and insert ““payment””" The noble Lord said: My Lords, I rise to talk to Amendments Nos. 102 and 103. The first amendment replaces the word ““proposal”” in Clause 197(2) with the word ““payment””. This brings the wording of the subsection into line with subsection (1) and the equivalent subsections in subsequent clauses. The amendment does not change the operation of the clause. The payment must still be approved by the members before it is made. The second amendment is a minor drafting improvement. It does not change the meaning of the provision at all. I beg to move. On Question, amendment agreed to. Clause 199 [Payment in connection with share transfer: requirement of members’ approval]: