Results 521-540 of 1,683 for speaker:Derek McDowell

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: Why is it considered necessary to introduce the power to reserve a name? The procedure for incorporating a company is a relatively simple one and I do not understand why it is necessary to have an initial procedure of reserving a name.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I do not understand how this makes the process easier. At present, all that is required to incorporate a company is a secretary, a number of directors, a registered office and a name. I cannot see how reserving the name first and carrying out the other processes at a later stage makes company incorporation any easier. There is no issue of principle involved here, I simply do not understand...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I am tempted to ask the Minister of State a question.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I understand the Minister's explanation, but I do not quite understand what is the effect of the amendment. Are we doing away with any retention period altogether, or what provision are we actually making? Are we just abolishing or repealing subsection (6)?

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I understand that but what is the effect of this? The Minister of State was saying that six months was not sufficient time even with the add-on of another 12 months by the District Court. In repealing this subsection, is no period provided any longer for the retention of documents or are we prolonging it until such time as an offence is prosecuted or what are we doing?

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: Is there any obligation after the documentation has been completed, to hand back the goods and documentation?

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: The purpose of ceding documents is to facilitate prosecution. Once the prosecution is over, there should surely be an obligation on the Competition Authority to hand back the documentation.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: This section and a number of subsequent sections simply increase the fines for various offences under a number of different Acts that are consumer related. Neither the Bill nor the explanatory memorandum specifies the offences. If the Minister of State has this information in his speaking notes, it would be useful to know. Specifically on this section, I would like to know precisely what is...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: Do we know what the offence is?

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I should know this but I do not. Is the offence a breach of the prices order? The Minister of State will recall there has been some discussion as to whether the prices order as it relates to certain groceries should be retained. Can we interpret the fact that the Minister of State appears to be increasing the potential fines as meaning he has taken a view on the retention of the order in the...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I know that. In a sense we are wandering in the dark here. We are increasing the fines for offences, but we do not know what these are. I appreciate the offences already exist. In a sense, if we are to make any serious assessment as to whether the fines should be increased, we should know what the offences are in the first place. Specifically on this section, is the offence we are talking...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: Yes, the groceries order.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: The order should be retained. It is a necessary guarantee of protection against the abuse of a dominant position by large supermarket chains. While it would be nice if ordinary competition were to regulate these matters, the fact is that if an organisation has deep pockets, it is in a position to sell below cost and remove competitors. That is an abusive position and so the order should be...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I agree with Senators Leyden and Coghlan. The Bill is important as it sets up an entirely new structure and facilitates cross investment and segregated liability. In essence, we have been asked to repose our trust in IFSRA to ensure that this new structure is properly regulated. I am happy enough to do that. The Houses cannot go any further than that. We cannot reasonably expect that...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: I do not quite understand the impact of the amendment on section 2. Perhaps the Minister of State can indulge me by telling me what is "an industrial and provident society". What are the essential characteristics of such a society? Frankly, I do not really know.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: Am I right to state that credit unions and building societies will not be affected by the amendments?

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: What type of institution will be affected?

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: Okay.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: Will the Minister of State clarify the references in section 6(2) to "a management company" and "a custodian"? I understand that a custodian will act as a trustee, in effect, but I am not quite clear about it. I would like to know how the respective roles of a management company and a custodian are defined. I understand that a custodian will act as a trustee, but I do not understand it fully....

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Derek McDowell: The custodian acts as a trustee.