Results 9,061-9,080 of 13,254 for speaker:Seán Sherlock

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to align the Bill with existing legislation. The words "is created in the State" are redundant and do not serve any useful purpose, particularly in light of the fact that subsections 99(3) and 99(5) of the Companies Act 1963 are not repeated here.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of these amendments is to provide for a modification of the rules governing priority of charges. "Priority of charges" refers to where two or more successive mortgages are created over the same property. The current rule of priority is that the first mortgage has priority over the subsequent mortgage, subject to an exception where the second mortgagee gives notice to the first...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I shall take the two amendments together, if I may. I am unclear as to why the Senator has proposed the deletion of subsections (2) and (6), particularly as the proposal does not include any replacement texts. I can only surmise that he is opposed to the Bill making provision for alternative methods for the storing and managing of accounting records, rather than the requirement to keep...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I am considering introducing an amendment to section 286 on Report Stage to provide for a more precise penalty for not maintaining adequate accounting records.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I am considering introducing an amendment to this section on Report Stage. It is considered that further refinement of the wording, regarding the penalty, may be required as it may not be specific enough.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of these amendments is to delete the reference to a "bank" and replace with the word "institution". This will result in a uniformity of language throughout the Bill and is in line with EU law. It is a technical drafting amendment.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: This is a significant amendment and arises as a consequence of the CLRG's recommendation in 2013 that company law be amended to allow companies that meet two of the three criteria relating to balance sheet total turnover and number of employees, to qualify for audit exemption. The intention here is to use the available provisions in EU law to help small companies. The Bill, as it stands,...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I am considering introducing an amendment to this section on Report Stage in order to bring it into line with existing law. I am also considering introducing an amendment to Chapter 15 on Report Stage in order to bring the audit exemption criteria in line with Article 52 of Directive 2013/34/EU. The aim of this directive is to simplify the accounting requirements for small companies and...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I have sympathy for the situation of the person to whom the Senator refers but I cannot accept the amendment. What is proposed would not be a logical inclusion in companies' financial statements. Such statements relate to companies' financial performance and not to their tax obligations. Fiscal accounting address tax obligations. If the Government were to consider a requirement to oblige...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to provide that the subsection relating to the serving of notice on members applies where a provision of the Bill so requires or authorises a notice to be served but also where the Constitution so requires. As the Bill stands, the Constitution would have to be amended to provide for this and this is not intended.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to provide that the subsection relating to the serving of notice on members applies where a provision of the Bill requires or authorises a notice to be served but also where the Constitution so requires. As the Bill stands, the Constitution would have to be amended to provide for this and this is not intended.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to provide a cross-reference to section 181(3) concerning the receipt of notice of general meetings when availing of ordinary post.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: This section contains the form of directors compliance statement as recommended by the Company Law Review Group. Having analysed the provisions contained in the 2003 Act, the group determined that such extra duties as set out would do little to increase compliance and merely result in an increase in red tape at considerable cost to Irish businesses. The set-up costs for a business were...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to remove the unintended requirement in the Bill for the disclosure of directors' interests in share options granted by parent companies. When a 1% or less share option is granted, it is not required that it be reported to the company.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of the amendment is to delete language which could be interpreted in a discriminatory manner. This refers to the somewhat outdated term “unsound mind”. While the term is legally sound, it does not represent everyday language and understanding of situations where a director is no longer, for medical reasons, capable of fulfilling his or her functions as a company...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of these amendments is to grant the Minister powers to make regulations in regard to the non-disclosure of residential addresses on the public register kept by the registrar. In certain limited circumstances, company officers will be granted an exemption from listing their residential address on the public register. Such addresses will be kept separately by the registrar who, in...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of the amendment is to reflect existing law and to provide certainty. As the Bill stands, the words “unless the contrary is proved” could lead to uncertainty and could be interpreted as permitting deemed service of notice to be set aside at a later date, which could cause uncertainty in respect of business conducted at every relevant meeting.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of the amendments is to address any ambiguity as to the part to which these provisions apply. This section concerns unanimous written resolutions and is partially new. Unanimous written resolutions are permitted as the default, that is to say, there is no need for the constitution to allow them. The section implements the recommendations in the first report of the Company Law...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to clarify that there can be a sole member company notwithstanding a stipulation in the constitution that there be two members or a greater number. This will ensure any confusion is avoided.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: These amendments propose to insert the words "managed and controlled" into this section of the Bill. The objective appears to be to cause all companies registered in Ireland to be tax-resident in Ireland. As Minister of State in the Department of Jobs, Enterprise and Innovation, I am not in a position to consider the full impact or consequences of any change to tax law. Such an exercise is...