Seán Sherlock (Cork East, Labour)
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I move amendment No. 5:

In page 86, between lines 25 and 26, to insert the following:“Company to carry on activity in the State and prohibition of certain activities
18. (1) A company shall not be formed or registered unless it appears to the Registrar that the company, when registered, will carry on an activity in the State.
(2) A company shall not carry on the activity of a licensed bank or an insurance undertaking.”.

I propose this amendment to give further clarification to the existing law.