Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 15:

In page 93, to delete lines 1 to 15.

I have been asked by the Bills Office to inform the House that there is a problem with a footnote to an amendment in this grouping. Amendment No. 244 ought to be accompanied by a footnote to state that section 1019, to which it refers, is being inserted by amendment No. 206.

The purpose of these amendments is to correct an unintended change caused by the Bill's structure and to revert to existing law in accordance with the policy intention. Section 45, which is the official seal for sealing securities, restates section 3 of the Companies (Amendment) Act 1977 and provides that a company may have an official seal which is a facsimile of the common seal for the purposes of sealing securities issued by the company and sealing documents creating or evidencing securities so issued.

Section 3 of the Act of 1977 does not apply to private limited companies. The policy is to restrict the scope of section 45 to public companies and to re-enact the existing law. Thus, this section should be deleted for private companies limited by shares. New sections are proposed to be inserted in the relevant parts to provide for PLCs, PUCs and PULCs. Such public companies shall have an official seal which is a facsimile of the common seal and which has on its face the word "securities" or the Irish language equivalent.

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