Seán Sherlock (Cork East, Labour) | Oireachtas source

I am considering introducing an amendment to section 127 on Report Stage to clarify that debentures or unpaid amounts on existing issued shares may be paid up only out of distributable profits and to correct an error which could result from the current interpretation. The proposed amendment would be to address other reserves that now exist as a result of recent developments in accounting and company law. That should cover the basis of Deputy Calleary's query-----