133 Page 94, leave out lines 5 to 9 and insert—
'(2A) The references to limitations on the directors' powers under the company's constitution include limitations deriving—
§ Lord Fraser of Carmyllie
My Lords, I beg to move that the House do agree with the Commons in their Amendment No. 133. Amendment No. 133 adds some clarification to the meaning of limitations on the directors' powers under the company's constitution. It makes clear that the limitations include any deriving from a resolution of a class of shareholders. It has been pointed out to us that the articles of association may confer special rights in favour of the members of a class of shareholders, and we thought it right to make clear that a person would be protected from limitations imposed by a resolution of such a class.
§ Moved, That the House do agree with the Commons in the said amendment.—(Lord Fraser of Carmyllie.)
§ 10.15 p.m.