Results 5,341-5,360 of 16,057 for speaker:Mary Coughlan

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: Senator Cannon is concerned about the possibility of inadvertent conflict between this legislation and the Data Protection Acts. I believe data protection legislation should not prevent access to information that is expressly provided for within the Companies Acts. I will have this matter examined and I will bring it back on Report Stage.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: That is me being nice. I told the Senator I could be.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: We will have none of them.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: I thanks the Senators for their contributions. The amendments I propose in the legislation would allow for the imposition of any necessary timeline restrictions through regulating making powers being presented to the Minister. That is contained in section 5(2G). The overall thrust and the content of section 20 of the Companies Acts 1990 through to section 5 of this Bill also contains...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: This proposed amendment seeks to avoid unnecessary duplication that could be caused by two applications being made to the court arising out of the same circumstances. As currently worded, the Bill provided that the ODCE, Office of the Director of Corporate Enforcement, or court appointed investigator must apply to court for a determination on whether material seized was professionally...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: I would expect not.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: I was wondering which horse the Senator was on as he was finishing.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: The purpose of the-----

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: I gathered that. They think women are complex, but men are worse. Perhaps Independent Senators are the worst of all.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: The purpose of section 7 of this Bill is to replace section 40 of the Companies Act 1990, which sets out the penalty for breaching the statutory prohibition on the making of loans by companies to the directors. To prove that an offence has been committed under the existing section 40, it is currently necessary to prove beyond reasonable doubt that the accused knew, or had a reasonable ground...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: I appreciate these issues are complex and complicated. I do not want to create a set of circumstances in which nobody wants to be a director of a company. We do not want that either. If a person is a director or an officer of a company, it is important he or she should be aware of the law as it stands. I hope we will be able to offer some further guidance when the consolidation Bill in...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: When it has been completed, I will give the Senator the first copy of it.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: The Senator is waiting with bated breath for the Bill. We are removing the criminal penalty aspect of section 31 of the 1990 Act, which prohibits the making of loans to directors and connected persons. We are trying to strike a balance with the issue of personal concern that was expressed by the Senator on the basis of his experience. It will be a matter for the director to make a...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: We need to go back to section 383 of the Companies Act 1963, which sets out the meaning of an "officer who is in default". If Joe Soap were to read this section of the Bill, he might think it covers everybody. The most important part of it is the term "who is in default".

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: The meaning of the term "in default" in this section is set out in section 383 of the 1963 Act, which states: For the purpose of any provision in this Act which provides that an officer of a company who is in default shall be liable to a fine or penalty, "officer who is in default" means any officer of the company who knowingly and wilfully authorises or permits the default, refusal or...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: I know, but it is something we should consider.

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: Section 8(1)(b) of this Bill, which proposes the insertion of a new section 41(10) into the Companies Act 1990, acknowledges the existing legal powers of the Financial Regulator to make appropriate changes to its rules and other instruments in order to ensure the effective regulation of licensed banks. I understand the regulator is proposing to amend the conditions it attaches to its banking...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: On the overall issue raised by Senator Walsh, we are striving to reduce the regulatory burden and have set down a 25% reduction in the regulatory burden on businesses. I want to achieve this and will make some further pronouncements on it fairly soon. We all would like to see simplification in life. That work will continue on the Consolidation Bill because entrepreneurs are unusual people...

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: Am I going to turn into a pumpkin or something?

Seanad: Companies (Amendment) Bill 2009: Committee Stage (20 May 2009)

Mary Coughlan: Is it possible for me to have 30 seconds in which to conclude?