Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 114:

In page 781, to delete 38 and 39, and insert the following:
“996.(1) Sections 348 and 349 shall not apply to a DAC 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.”.

This amendment proposes to allow relief for DACs formed for charitable purpose or which are exempted by an order regarding the documents to be annexed to their annual return, such as financial statements and a director's report. The current section 996(1) exempts DACs which do not "trade for the acquisition of gain by its members" from filing such documents. The amendment proposes to formalise and restrict the exemption to relate to DACs formed for charitable purpose or otherwise exempted DACs.