Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 4:

In page 16, lines 24 to 26, to delete all words from and including “calculated” in line 24 down to and including “made” in line 26.

This amendment removes the language in regard to how a majority of limited partners would be calculated. It again goes to one of the fundamental problems and concerns I have with the Bill, which is that it can effectively represent a reduction in liability for limited partners. At the same time, section 7, on which we divided the House, gives very meaningful powers, including powers in regard to boards, to limited partners while they are protected. Again, they are getting the power but not the responsibility.Specifically, this amendment proposes that a majority of partners be calculated as a simple majority whereas the Bill proposes that a majority of limited partners will be "calculated by reference to the value of contributions of the limited partners at the time the determination of that majority falls to be made". Effectively there could be one individual who is a limited partner, is protected from liabilities, who, and because he or she has a majority of such section of the shares that sit with limited partners, is calling the shots while avoiding responsibility and culpability. That is a real concern that I have, which is why I would prefer a simple majority of limited partners be calculated rather than a situation whereby the value of contributions determines that. I do not want to have a situation of a silent partner or power behind the power.

While I have not tabled amendments on section 14, which is around the withdrawal and substitution of general partners, I will reserve the right to come back on that question in that section. What we do not want is, for example, a limited partner who remains constant while general partners change. That is my concern on that amendment.