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Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: What amendment is Senator Cullinane speaking to?

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of the amendment is to clarify that electronic means may be used to deposit the instrument of proxy. The current wording might suggest that "deposited" means physically left at and not sent by electronic means, which would be contrary to the spirit of the Bill which aims, where possible, to reduce administrative burdens on companies by availing of methods to simplify matters.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of the amendments is to clarify that subsection (6) applies but that the Minister may, as he or she considers appropriate, regulate in this matter.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of these amendments is to highlight that certain fiduciary duties of directors derive from statute and that such duties are not subject to the same rules and principles as common law provisions would be.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of these amendments is to ensure a company may exercise its right regarding a director's power to exercise independent judgment by general resolution.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of these amendments is to strengthen the law governing the existing offence of officer in default. The amendment clarifies that a company officer may have a legitimate defence to a committed default.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of the amendment is to provide for a more precise definition of "net assets", which is to be used in determining whether a company has not maintained adequate accounting records in accordance with the Bill.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of the amendment is to ensure the Courts Service has greater flexibility in listing the court in a given district. The existing reference is too limited in scope and could cause undue delay as to when a court hearing would be set as some District Court areas only sit once a month.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: I wish to correct the record as I made a slight error when discussing amendment No. 33. In case there is confusion, the purpose of amendments Nos. 33 and 34 is to remove the incorrect reference to a company not having elected to prepare IFRS group financial statements.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: I have.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: Amendment No. 38-----

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of these amendments is to ensure the audit exemption criteria are in line with article 52 of Directive 2013/34/EU which must be transposed into national law by July 2015. The aim of the directive is to simplify the accounting requirements for small companies and improve the clarity and comparability of companies financial statements in the European Union. The new directive takes...

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: This is basically a technical amendment.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of this amendment is to clarify the definition of "claims and rights" in respect of any money or deposit credited to an account of a financial institution consisting of shares, bonds or debt instruments.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of this amendment is to remove the onus on the registrar to assess the nature of particulars submitted to her or him. The reality is that almost all filings are submitted to the registrar electronically and the Companies Registration Office, CRO, has no role in interpreting the details submitted in the prescribed forms.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of these amendments is to update the subsection references to ensure that section 316(2) of the 1963 Act is fully enacted.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: This is a technical amendment and its purpose is to remove an obsolete cross-reference.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of these amendments is to cater for the consequences of a merger on leasehold property legally classified as chattels real or immovable property. The language of the provision has been improved in order to increase certainty with respect to the property transactions and, thus, to reduce the paperwork and costs to businesses associated with the merger.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: This is a technical amendment to assist with interpretation.

Seanad: Companies Bill 2012: Report and Final Stages (30 Sep 2014)

Damien English: The purpose of these amendments is to preserve the existing factors concerning strike-offs that have been initiated by the Revenue Commissioners. If Revenue has given the registrar notice under section 882(3) of the Taxes Consolidation Act 1997, the registrar is bound pursuant to section 726(b) of this Bill to effect involuntary strike-off of the company from the register. For the registrar...

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