Company Law Reform Bill [HL]

moved Amendments Nos. 420 and 421:"After Clause 552, insert the following new clause—" ““PROVISIONS NOT APPLICABLE TO SHARES TAKEN ON FORMATION The provisions of— (a)   sections 538 to 551 of this Act, and (b)   sections 89 to 96 of the Companies Act 1985 (c. 6) (pre-emption rights), have no application in relation to the taking of shares by the subscribers to the memorandum on the formation of the company.”” Before Clause 553, insert the following new clause— ““COMPANIES HAVING A SHARE CAPITAL (1)   References in the Companies Acts to a company having a share capital are to a company that has power under its constitution to issue shares. (2)   References in the Companies Acts— (a)   to ““issued share capital”” are to shares of a company that have been issued; (b)   to ““allotted share capital”” are to shares of a company that have been allotted. (3)   References in the Companies Acts to issued or allotted shares, or to issued or allotted share capital, include shares taken on the formation of the company by the subscribers to the company’s memorandum.”” On Question, amendments agreed to. Clause 554 [Alteration of share capital of limited company]: