Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 198:

In page 751, line 7, to delete "Section 1086 shall apply to securities of a DAC as it applies" and substitute "Sections 1085 to 1087 shall apply to securities of a DAC as they apply".

The purpose of amendment No. 198 is to correct the incorrect reference to sections which apply to designated activity companies, companies limited by guarantee and public unlimited companies. The purpose is to ensure that the current law relating to existing private companies limited by shares is extended to those companies also. Section 1084 deals with transfer of uncertified securities and re-enacts regulation 5 of the Companies Act 1990 (Uncertified Securities) Regulation 1996, SI 68/1996. Certain provisions of the current law requiring the execution under hand or seal of a document in writing for the transfer of property will not apply to the transfer of title of securities pursuant to section 12 of the Electronic Commerce Act 2005.

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