Results 9,081-9,100 of 13,254 for speaker:Seán Sherlock

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

Seán Sherlock: The amendments amend the definition of "distribution" by eliminating as an exception the reduction of the liability of shareholders. The reduction in the liability of shareholders will, therefore, now fall within the definition of a "distribution" and be subject to the normal rules of requiring distributable reserves. This is consistent with section 117(3) which provides that a company...

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

Seán Sherlock: The purpose of amendments Nos. 26 and 27 is to include all revaluation reserves in the definition of "relevant sum". This is consistent with EU directives which provide that revaluation reserves may be capitalised. The purpose is to correct an inconsistency in the Bill.

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

Seán Sherlock: The purpose of the amendments is to clarify that a company secretary has the skills or resources necessary to discharge his or her statutory and other duties. As the provision stands, it could be interpreted incorrectly to prevent the outsourcing of legal services. This is not intended.

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

Seán Sherlock: I am not in favour of adopting the amendments which propose unduly oppressive conditions on legitimate businesses. The suggestion that a majority of directors be EEA resident might particularly dissuade foreign direct investment companies from doing business in Ireland. This is bad for Ireland and Irish commerce generally. Second, section 137, which re-enacts existing law, ensures that...

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

Seán Sherlock: The purpose of these amendments is to re-enact the existing law. It is public companies only, not private companies, that will have an official seal which is a facsimile of the common seal and which has on its facsimile the word "securities" or the Irish language equivalent. This amendment is necessary to revert to the existing law.

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

Seán Sherlock: I am considering introducing an amendment on Report Stage. The Office of the Parliamentary Counsel has advised that the wording might need to be refined to clarify that "properly prepared" refers to statutory financial statements and not also to the "initial" and "interim" financial statements.

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

Seán Sherlock: Given the number of sections in this Bill at Committee Stage and the fact that I must stand up and down considerably for them, would anybody be offended if I remain seated? I hope my request is not a breach of protocol.

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

Seán Sherlock: Thank you.

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

Seán Sherlock: Amendment No. 13 has been grouped with amendment No. 14. The purpose of these amendments is to correct an oversight in relation to companies that re-register as designated activity companies. The amendment will preserve the model of regulation of Table A to the Companies Act 1963, for companies limited by shares. Table A will continue to apply to these companies save to the extent that it...

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

Seán Sherlock: The purpose of this amendment is to remove the discretion from the private limited company in relation to its duty to require a member, or transferee of shares, to furnish the company with information as to the beneficial ownership of any shares. This subsection (7), like Regulation 7 of Part I of Table A of the Companies Act 1963, provides that a company is not bound by or compelled to...

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

Seán Sherlock: I am considering introducing an amendment at Report Stage to deal with previously allotted shares. The Office of the Parliamentary Counsel has indicated that it may need to further refine the wording.

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

Seán Sherlock: The purpose of these amendments is to clarify the position with regard to a resulting credit when there is a reduction in the nominal value of a share. These amendments bring the provisions into line with existing law. The proposed amendment also satisfies the requirements of the fourth company law directive.

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

Seán Sherlock: In regard to amendment No. 10, suggesting we ought to set out in statute that a person's rights would, regardless of circumstances, always take precedence over a company's rights is misconceived in law. Like human beings, companies have rights which must be protected. For example, a company can enjoy the right of freedom of speech and be afforded a nationality. While I appreciate that this...

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 the Powers of Attorney Act 1996 and the Land and Conveyancing Law Reform Act 2009.

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

Seán Sherlock: The purpose of these amendments is to clarify that where a company is availing of an agent for the purposes of the Companies Registered Office, such an agent must be a company registered in Ireland. This section requires a company to have a registered office within the State to which all communications must be addressed.

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

Seán Sherlock: I am considering introducing an amendment to this section on Report Stage to provide that credit institutions and insurance companies are compulsorily required to register as designated activity companies. This is necessary as these companies cannot under section 18 of the Bill be private companies limited by shares.

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

Seán Sherlock: I propose to respond to the two amendments together. I am not in favour of them. I draw the House's attention to section 38(2), which reads: "Nothing in subsection (1) shall relieve a company from any duty or obligation under any enactment or the general law." This safeguard prevents an argument to the contrary being made. In such circumstances, amendment No. 9 is already provided for in...

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

Seán Sherlock: These amendments are typographical in nature and do not have a substantive impact on the Bill.

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

Seán Sherlock: The purpose of this amendment is to incorporate the provisions of regulation 4 of SI No. 163/1973 - that is, European Communities (Companies) Regulations 1973 - into the Bill and to impose a publication notification requirement in respect of the few items listed in the amendment. These are: any copy of a winding up order in respect of the company; any copy of an order for the dissolution of...

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

Seán Sherlock: I note the Senator's points. There is general agreement that the 18-month period was the best period. We will aim to have a specific date as soon as possible, which I appreciate does not give the Senator too much comfort. There is a recognition of the need to aim for a specific date as soon as possible and we are very cognisant of that.