Jim McDaid (Donegal North East, Fianna Fail)

I can answer the Senator's point by saying that once the Bill is passed the trustee can proceed without delay to the next step, if necessary. As regards my colleagues in the Department, we do not foresee any major objection in this regard. A problem that may arise is one of human nature in terms of whether people will want to go ahead with the share issue. That will be a matter for them and it will come under the previous legislation.

With regard to the Senator's amendment, I had intended to repeat what I said on a previous occasion. I understand from what position the Senator and Fine Gael are coming. While it would not be a problem to proceed in this regard under the Companies Act, the Senator rightly pointed out that there is a provision under the Air Companies Act 1966 which we did not foresee could be a problem but which the Senator did. The purpose of this legislation is to clear the decks to ensure that we can proceed in this regard and to ensure that the 1966 Act will not impinge on that.