Moved by
Lord Browne of Ladyton
30: Clause 4, page 2, line 26, at end insert—
“(4) If ARIA gives a grant, or part of grant, made to it under this section to another entity, the giving of the grant must be subject to the condition that a person or entity may not gain control of that entity for 5 years after the date on which the grant is given.
(5) If ARIA gives a grant, or part of grant, made to it under this section for the purposes of supporting a specific asset, the giving of the grant must be subject to the condition that a person or entity may not gain control of that asset for 5 years after the date on which the grant is given.
(6) In this section, “entity” means any entity, whether or not a legal person, that is not an individual, and includes a company, a limited liability partnership, any other body corporate, a partnership, an unincorporated association and a trust.”
Member’s explanatory statement
This amendment would ensure that any grant made by ARIA is subject to the condition that the entity or asset supported may not be subject to a takeover for 5 years.