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IMEACHTA AN CHOISTE.THE PROCEEDINGS OF THE COMMITTEE.Dé Céadaoin, 10 Aibreán, 1963.Wednesday, 10th April, 1963.1. The Committee met at 11 a.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, Norton and Pattison. 3. Consideration of Bill. The Committee resumed consideration of the Bill. (i) Sections 314 to 317 inclusive, agreed to. (ii) Section 318. Amendment proposed (Minister for Industry and Commerce): “To delete subsections (1) and (2) and to substitute the following: ‘(1) The Court may, on an application made to it by the liquidator of a company or by any creditor or member of the company, by order fix the amount to be paid by way of remuneration to any person who, under the powers contained in any instrument, has been appointed as receiver of the property of the company notwithstanding that the remuneration of such receiver has been fixed by or under that instrument. (2) Subject to subsection (3), the power of the court under subsection (1) shall, where no previous order has been made in relation thereto under that subsection— (a) extend to fixing the remuneration for any period before the making of the order or the application therefor; and (b) be exercisable notwithstanding that the receiver has died or ceased to act before the making of the order or the application therefor; and (c) where the receiver has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that fixed by the court for that period, extend to requiring him or his personal representatives to account for the excess or such part thereof as may be specified in the order.”’ Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In subsection (3), page 163, line 25, to delete ‘(d)’ and substitute ‘(c)’.” Amendment agreed to. Section, as amended, agreed to. (iii) Section 319 agreed to. (iv) Section 320. Amendment proposed (Minister for Industry and Commerce): “In subsection (4) to delete from ‘and in any other case’ to the end of the subsection.” Amendment agreed to. Section, as amended, agreed to. (v) Sections 321, 322 and 323 agreed to. (vi) New section. Amendment proposed (Deputy D. Costello): “Before section 324 and in Part VII to insert a new section as follows: ‘( ) A conveyance by a Receiver of any property in pursuance of a power contained in the instrument of his appointment shall operate to convey the legal estate of such property to the purchaser’.” Amendment, by leave, withdrawn. (vii) Section 324 agreed to. (viii) Section 325. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), page 167, line 2, after ‘registered’ to insert ‘(in a register kept in the State)’.” Amendment agreed to. Section, as amended, agreed to. (ix) Section 326. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), page 167, line 13, after ‘registered’ to insert ‘(in a register kept in the State)’.” Amendment agreed to. Section, as amended, agreed to. (x) Section 327 agreed to. (xi) Section 328. Amendment proposed (Minister for Industry and Commerce): “To delete subsection (2) and substitute: ‘(2) This section shall not apply to a company registered under the Companies Act, 1862, or the Companies (Consolidation) Act, 1908, or to a company which has not its registered office or principal place of business in the State.”’ Amendment agreed to. Section, as amended, agreed to. (xii) Sections 329 to 339 inclusive, agreed to. (xiii) Section 340. Amendment proposed (Minister for Industry and Commerce): “In subsection (2), page 170, line 36, after ‘statute’ to insert ‘or instrument’.” Amendment agreed to. Section, as amended, agreed to. (xiv) Sections 341, 342 and 343 agreed to. (xv) New section. Amendment proposed (Minister for Industry and Commerce): “Before section 344 to insert a new section as follows: ‘For the purposes of this Part, “unregistered company” shall include any trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1958, any partnership, whether limited or not, any association and any company with the following exceptions— (a) a company as defined by section 2; (b) a partnership, association or company which consists of less than eight members and is not formed outside the State.”’ Question:—“That the new section be there inserted”—put, and agreed to. (xvi) Section 344 deleted. (xvii) Sections 345 to 348 inclusive agreed to. (xviii) Section 349. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), line 8, to delete ‘subject to subsection (2)’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “To delete subsection (2).” Amendment agreed to. Section, as amended, agreed to. (xix) Sections 350 to 362 inclusive, agreed to. (xx) Section 363. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), paragraph (b), lines 20 and 21, to delete ‘all the provisions (other than the penal provisions) of’ and substitute: ‘provisions corresponding to the provisions (other than penal provisions) of’.” Amendment agreed to. Section, as amended, agreed to. (xxi) Section 364 agreed to. (xxii) Section 365. Amendment proposed (Minister for Industry and Commerce): “In paragraph (b), to delete ‘to a fine not exceeding £100’ and to substitute ‘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. (xxiii) Section 366 agreed to. (xxiv) Section 367. Amendment proposed (Minister for Industry and Commerce): “To delete subsection (3), page 182, lines 43 to 45, and substitute the following: ‘(3) This Part shall not apply to a prospectus or to a form of application for shares or debentures first published or issued in a country recognised for the purpose of this section if the prospectus or form of application complies with the law for the time being in force in the country in which the prospectus or form of application was first published or issued. (4) In this Part, “prospectus”, “shares” and “debentures” have the same meanings as when used in relation to a company incorporated under this Act and “recognised” means recognised by order made by the Minister.”’ Amendment agreed to. Section, as amended, agreed to. Further consideration of the Bill adjourned. 4. Ordered: That the Committee do adjourn from 12.45 p.m. until 2.30 p.m. 5. The Committee met again at 2.30 p.m. 6. 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, Norton and Pattison. 7. Consideration of Bill. The Committee resumed consideration of the Bill. (i) Sections 368 to 376 inclusive, agreed to. (ii) Section 377. Amendment proposed (Minister for Industry and Commerce): “To add the following new subsections: ‘(5) Every body to which this section applies and which was in existence before the operative date shall within six months after the operative date deliver to the registrar of companies for registration a certified copy of the charter, statutes, memorandum and articles, or other instrument constituting or defining the constitution of the body. (6) Every body to which this section applies and which comes into existence on or after the operative date shall within three months after coming into existence deliver to the registrar of companies for registration a certified copy of the charter, statutes, memorandum and articles or other instrument constituting or defining the constitution of the body. (7) If default is made in complying with subsection (5) or (6), the body and every officer of the body who is in default shall be liable to a fine not exceeding £100.”’ Amendment agreed to. Section, as amended, agreed to. (iii) Section 378. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), page 186, line 11, after ‘company’ to insert ‘or by the registrar of companies’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In subsection (2), page 186, line 14, to delete ‘such’ and in line 15, after ‘account’ to insert ‘to be kept by a company’.” Amendment agreed to. Section, as amended, agreed to. (iv) Section 379. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), to add the following: ‘or, if the company has not given notice to the registrar of companies of the situation of its registered office, at or to the address of any subscriber of the memorandum’.” Amendment agreed to. Section, as amended, agreed to. (v) Sections 380 to 383 inclusive, agreed to. (vi) Section 384. Amendment proposed (Minister for Industry and Commerce): “In subsection (3), page 188, line 8, to delete ‘and conclusive’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “To add to the section a new subsection as follows: ‘(4) In this section “company” includes a company incorporated outside the State which has an established place of business in the State.”’ Amendment agreed to. Section, as amended, agreed to. (vii) Sections 385 to 395 inclusive, agreed to. (viii) Section 396. Amendment proposed (Minister for Industry and Commerce): “In subsection (2) to delete ‘Eighth Schedule’ and substitute ‘Third, Seventh and Eighth Schedules’.” Amendment agreed to. Section, as amended, agreed to. (ix) Section 397 agreed to. (x) Section 398 deleted. (xi) New section. Amendment proposed (Minister for Industry and Commerce): “Before section 399 to insert a new section as follows: ‘Document’ in section 58 of the Solicitors Act, 1954, shall not include a document, other than a deed, required for any of the purposes of this Act.” Question:—“That the new section be there inserted”—put, and agreed to. (xii) Section 399. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), page 190, line 28, to delete ‘subsection (2)’ and substitute ‘subsections (2) and (3)’.” Amendment agreed to. Section, as amended, agreed to. (xiii) Section 400 agreed to. (xiv) First Schedule. Amendment proposed (Minister for Industry and Commerce): “In Table A, Part I, regulation 10, page 193, to delete all words from ‘nor shall the company’ in line 6 to the end of the regulation and substitute: ‘but this regulation shall not prohibit any transaction permitted by section 60 of the Act’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In Table A, Part I, regulation 28, page 195, to delete ‘notice in lieu of distringas’ in lines 9 and 10 and substitute ‘notice as to stock’.” Amendment agreed to. Amendment proposed (Deputy Cosgrave): “In Table A, page 203, to insert in line 11 after the words ‘in such manner’ the words ‘and by such person’.” Amendment, by leave, withdrawn. Amendment proposed (Minister for Industry and Commerce): “In Tábla A, Cuid I, rialachán 10, page 213, to delete all words from ‘ná ní thabharfaidh’ in line 17 to the end of the regulation and substitute: ‘ach ní chuirfidh an rialachán seo toirmeasc le haon idirbheart a cheadaítear le halt 60 den Acht’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In Tábla A, Cuid I, rialachán 28, page 215, to delete ‘fógra in ionad distringas’ in lines 30 and 31 and substitute ‘fógra maidir le stoc’.” Amendment agreed to. Schedule, as amended, agreed to. (xv) Second, Third and Fourth Schedules agreed to. (xvi) Fifth Schedule. Amendment proposed (Minister for Industry and Commerce): “In Part I, paragraph 2, subparagraph (2), page 262, line 43, to delete ‘or part of any such register’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In Part II (FORM OF ANNUAL RETURN), to delete item 2 (b), page 263, lines 54 to 57, and substitute: ‘(b) (Address of any place other than the registered office of the company where any register of holders of debentures of the company is kept).”’ Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In page 267, line 20, to delete ‘company’ where it secondly appears and substitute ‘body corporate’.” Amendment agreed to. Schedule, as amended, agreed to. (xvii) Sixth Schedule. Amendment proposed (Minister for Industry and Commerce): “In paragraph 8, page 271, to delete subparagraph (d) and substitute: ‘(d) the aggregate amount of any outstanding loans permitted by section 60 (other than loans to which paragraph (a) of subsection (13) refers) indicating separately loans permitted by paragraphs (b) and (c) of subsection (13);”’ Amendment agreed to. Amendment proposed (Deputy Byrne): “In Part III, page 276, to delete paragraph 25.” Amendment, by leave, withdrawn. Schedule, as amended, agreed to. (xviii) Seventh, Eighth and Ninth Schedules agreed to. (xix) Tenth Schedule. Amendment proposed (Minister for Industry and Commerce): “In page 280, in the second column, opposite the mention of section 319 (2) to delete ‘Abstract of receiver’s receipts and payments’ and substitute ‘Receiver’s abstract’.” Amendment agreed to. Schedule, as amended, agreed to. (xx) Eleventh Schedule. Amendment proposed (Minister for Industry and Commerce): “In pages 281 and 282, to delete the heading ‘The Registration of Business Names Act, 1916’ and paragraphs 3 to 13.” Amendment agreed to. Schedule, as amended, agreed to. (xxi) Twelfth and Thirteenth Schedules agreed to. (xxii) Title agreed to. 8. Report of Committee. The Chairman brought forward a Draft Report which was read as follows:— “The Special Committee has gone through the Bill and has made amendments thereunto. The Bill, as amended, is reported to the Dáil.” Draft Report agreed to. Ordered: To report accordingly. 9. Conclusion of Business. The Committee concluded its business at 4.35 p.m. |
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