Seán Sherlock (Cork East, Labour) | Oireachtas source

I am considering introducing amendments to section 70 on Report Stage to clarify which shareholders may participate in a pre-emptive offer, correct an error on pre-emptive offers of shares, clarify whether the holders of preference shares are excluded from pre-emption rights in the issue of new shares, ensure no loophole exists in the statutory pre-emption rights of shareholders, insert a cross-reference to section 65, set out the consequences for allotting shares in a manner contrary to the requirements of the Bill to reflect the existing law in section 27 of the Companies (Amendment) Act 1983 and provide that any pre-commencement share allotment authorities must elapse no later than five years after commencement.