Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 7:

In page 83, to delete lines 23 and 24 and substitute the following:“(3) In subsection (2), “person” means, for the purposes of paragraph (b) of it, the company referred to in that paragraph.”.

The purpose of amendment No. 7 is to correct the incorrect cross-reference in subsection (3) from paragraph (b) to (a). The purpose of amendment No. 9 is for clarification. Deletion of the word "it" and its replacement with "the company" makes it clearer that the company shall notify the registrar of the authorisation of a person as being entitled to bind the company in the prescribed form. The function of amendment No. 218 is to clarify to whom the notification requirement applies. Section 1081 restates section 229(1) of the 1990 Act. The obligation to notify the Stock Exchange under section 229(1) only applies where shares have been purchased either by the company that issued the shares or by a company that is that company's subsidiary.

Section 1081, as it stands, extends this obligation beyond existing law to where shares are purchased by a body corporate, which includes companies incorporated abroad. This amendment is in line with the existing law and purports to maintain it.

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