Joe O'Toole (Independent)

My understanding of subsection (11) is that "failure to do so" refers to someone who has been excused under the terms of the earlier provision. As Senator Quinn points out, one could take the interpretation he has given. I know that is not intended and reassurance should be given immediately. A phrase such as "a company or relevant undertaking described under this section, unless excused under the other subsection" or words to that effect should be included. The word "failure" is required and Senator Quinn would accept that. Failure, in this context, is where a company is required to do something under a particular section and does not do so. My understanding is that this was intended to apply to those companies that had not sought the opt-out under the earlier Companies Act, which is referred to in previous sections. Reassurances should be given and if it is likely to cause confusion, then some change of words should be in order.