Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 66:

In page 180, between lines 32 and 33, to insert the following:“(3) Without prejudice to the generality of that subsection, subsection (1) operates to enable, subject to a limitation (if any) arising under any of paragraphs (a) to (c) of it, the directors of the company to exercise all powers of the company to borrow money and to mortgage or charge its undertaking, property and uncalled capital, or any part thereof.”.

The purpose of this amendment is to reflect existing law by helpfully clarifying that directors are granted powers to borrow money and create charges.

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