Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 131:

In page 926, lines 19 and 20, to delete all words from and including “(1) Sections” in line 19 down to and including “members.” in line 20 and substitute the following:“(1) Without prejudice to subsections (4) to (6) (which contain transitional provisions),sections 348 and 349 shall not apply to a CLG if it satisfies the following conditions:

(a) it has been formed for charitable purposes; and
(b) it stands exempted from those sections by an order made by the relevant authority (which order the relevant authority is, by virtue of this section, empowered to make),

and the exemption provided by that order may, as the relevant authority considers appropriate, be either for an indefinite or a limited period.”.

Subsection (1) has been replaced to ensure the public guarantee companies may avail of the exemption in circumstances where such company is not trading for gain. This amendment effectively ensures continuity with current law.

Amendment No. 132 is a technical amendment.