Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 124:

In page 820, between lines 7 and 8, to insert the following:
“(2) Subject to subsection (3), section 83(6)(a) shall not apply to a PLC.
(3) In either of the following 2 cases, namely—(a) a case in which the giving of particular financial assistance by a company (not being a PLC) has been authorised by the company’s use of the Summary Approval Procedure; or
(b) a case in which, before the commencement of this section, the giving of particular financial assistance by an existing company (not being a PLC) has been authorised by the company’s use of the procedure contained in subsection (2) of section 60 of the Act of 1963 (and that subsection and subsections (3) to (11) of that section shall remain in force for the purposes of the particular transaction and for the purposes of, and incidental to, the court’s jurisdiction to cancel the special resolution concerned),and—(i) following such authorisation, the company has applied to re-register, and has re-registered (whether under the prior Companies Acts or Part 20), as a PLC; and
(ii) save where, by reason of the operation of Chapter 7 of Part 4 or, as the case may be, the foregoing subsections (3) to (11), the particular transaction may not be proceeded with,then the giving by the PLC of the financial assistance (pursuant to the foregoing authority) shall be lawful.”.