Mary Coughlan (Donegal South West, Fianna Fail)

There is no offence. The Senator should allow me to make my next point.

There is a separate existing requirement obliging companies to prepare annual accounts, namely, section 148 of the Companies Act 1963. By extension, the failure to comply with the requirements of section 41 of the Companies Act 1990 would amount to a breach of section 148. It could prove problematic to prosecute a company for failing to disclose such loans in accounts on that basis. The insertion of the new subsection (11) will remove this doubt. It should be noted that the Bill provides in subsection (12) that it shall be a defence in the proceedings for a defendant to show he or she took all reasonable steps to secure compliance by the company with the requirements of the new subsection (11). On that basis, I am satisfied my proposed amendment should be made.