|
|
|
|
IMEACHTA AN CHOISTE.THE PROCEEDINGS OF THE COMMITTEE.Dé Máirt, 5 Feabhra, 1963.Tuesday, 5th February, 1963.1. The Committee met at 8 p.m. 2. Members Present. The following members were present:— Deputy Colley (in the Chair), the Minister for Industry and Commerce, Deputies Booth, Byrne, Cosgrave, D. Costello, de Valera, Gallagher, Pattison, and Sweetman. 3. Consideration of Bill. The Committee resumed consideration of the Bill. (i) Section 70. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), page 54, line 42, to delete ‘authorising the increase’ and substitute ‘increasing its share capital’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In subsection (2), to delete all words from ‘and there shall be forwarded’ to the end of the subsection.” Amendment agreed to. Section, as amended, agreed to. (ii) Section 71 agreed to. (iii) Section 72. Amendment proposed (Minister for Industry and Commerce): “Before subsection (1) to insert a new subsection as follows: ‘( ) Except in so far as this Act expressly permits, it shall not be lawful for a company limited by shares or a company limited by guarantee and having a share capital to purchase any of its shares or to reduce its share capital in any way.”’ Amendment agreed to. Section, as amended, agreed to. (iv) Sections 73 to 79 inclusive agreed to. (v) Section 80. Amendment proposed (Minister for Industry and Commerce): “To add a new subsection as follows: ‘( ) Where new shares are issued by a company on the terms that, within a period not exceeding 12 months, they will rank pari passu for all purposes with all the existing shares, or all the existing shares of a particular class, in the company, neither the new shares nor the corresponding existing shares need have distinguishing numbers so long as all of them are fully paid up and rank pari passu but the share certificates of the new shares shall, if not numbered, be appropriately worded or enfaced.”’ Amendment agreed to. Section, as amended, agreed to. (vi) Sections 81 to 86 inclusive, agreed to. (vii) New section. Amendment proposed (Minister for Industry and Commerce): “Before section 87 to insert a new section as follows: ‘(1) A certificate under the common seal of the company specifying any shares held by any member shall be prima facie evidence of the title of the member to the shares. (2) The production to a company of any document which is by law sufficient evidence of probate of the will or letters of administration of the estate of a deceased person having been granted to some person shall be accepted by the company, notwithstanding anything in its articles, as sufficient evidence of the grant.”’ Question:—“That the new section be there inserted”—put, and agreed to. (viii) Sections 87 and 88 deleted. (ix) Section 80 agreed to. (x) New section. Amendment proposed (Minister for Industry and Commerce): “Before section 90 to insert a new section as follows: ‘If a company has created or issued shares in its capital and if there is reason to apprehend that such shares were invalidly created or issued, the court may, on the application of the company, any holder of such shares or any member or creditor, or the liquidator, of the company, declare that such creation or issue shall be valid for all purposes if the court is satisfied that it would be just and equitable to do so and thereupon such shares shall from the creation or issue thereof, as the case may be, be deemed to have been validly created or issued.”’ Question:—“That the new section be there inserted”—put, and agreed to. (xi) Section 90. Amendment proposed (Minister for Industry and Commerce): “To delete lines 15 to 17 and substitute: ‘owner, he shall be liable, on conviction on indictment, to imprisonment for a term not exceeding 2 years or to a fine not exceeding £500 or to both, or, on summary conviction, to imprisonment for a term not exceeding 6 months or to a fine not exceeding £100 or to both.”’ Amendment agreed to. Section, as amended, agreed to. (xii) Sections 91 to 98 inclusive agreed to. Further consideration of the Bill adjourned. 4. Adjournment. The Committee adjourned at 10 p.m. |
||||||||||||
|
|||||||||||||
