Seán Sherlock (Cork East, Labour) | Oireachtas source

I am considering introducing amendments to Part 3 on Report Stage to harmonise advertising requirements for notifying creditors of a proposed reduction in capital and to ensure the requirement to advertise in one daily newspaper only is consistently applied within the provisions of the Bill. In regard to section 65, I am considering Report Stage amendments to insert a cross-reference to section 70 and to clarify that the payment to a third party is the discharge of a liability owed by the company to that third party or otherwise adds value to the company.

Otherwise the manner in which the section is worded may be interpreted as allowing, in effect, for shares to be allotted at a discount.