Paul McGrath (Westmeath, Fine Gael)
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Question 481: To ask the Minister for Enterprise, Trade and Employment the legislation in place to regulate residential management companies and the property management companies they employ; if new legislation is required; and if he will make a statement on the matter. [10250/05]

Micheál Martin (Cork South Central, Fianna Fail)
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Apartment complex management companies are generally constituted as companies limited by guarantee under the Companies Acts and are required to comply with the relevant provisions of company law.

The operation of such companies under their relevant memorandum and articles of association, including the employment of any property manager or management entity, is a matter for their members, who are the owners of the properties in question.

The company law review group is reviewing the legal provisions relating to companies limited by guarantee with a view to simplifying the law in this as in other areas of company law. Among their recommendations they are likely to propose that there should be no limitation on the maximum number of members a guarantee company may have; and an audit exemption provision should be introduced for guarantee companies. I anticipate bringing the comprehensive set of proposals emerging from the review group to Government for approval to draft a Bill later this year.