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IMEACHTA AN CHOISTE.THE PROCEEDINGS OF THE COMMITTEE.Dé Máirt, 15 Eanáir, 1963.Tuesday, 15th January, 1963.1. The Committee met at 2.30 p.m. 2. Members Present. The following members were present:— The Minister for Industry and Commerce, Deputies Booth, Byrne, Cosgrave, D. Costello, de Valera, Gallagher, Norton, Pattison and Sweetman. 3. Election of Temporary Chairman. Motion made (Minister for Industry and Commerce): “That Deputy Gallagher be the temporary Chairman of the Committee.” Question put and agreed to. Deputy Gallagher took the Chair accordingly. 4. Consideration of Bill. The Committee resumed consideration of the Bill. (i) Section 31 agreed to. (ii) Section 32. Amendment proposed (Minister for Industry and Commerce): “In subsection (1) to delete ‘subsections (2), (3) and (4)’ and substitute ‘the provisions of this section’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In subsection (3) to delete all words from ‘but, subject to subsection (2)’ to the end of the subsection.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “Before subsection (4) to insert a new subsection as follows: ‘( ) This section shall not prevent a company which at the date on which it becomes a subsidiary of another company is a member of that other company, from continuing to be a member.”’ Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In subsection (4) to delete ‘on the 5th day of May, 1959, was’ and insert ‘is’.” Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “Before subsection (5) to insert a new subsection as follows: ‘( ) Subject to subsection (2), a subsidiary which is a member of its holding company shall have no right to vote at meetings of the holding company or any class of members thereof.”’ Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “To delete subsection (5) and substitute: ‘( ) Subject to subsection (2), this section shall apply in relation to a nominee for a body corporate which is a subsidiary, as if references therein to such a body corporate included references to a nominee for it.”’ Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “Before subsection (6) to insert a new subsection as follows: ‘( ) Where a holding company makes an offer of shares to its members it may sell, on behalf of a subsidiary, any such shares which the subsidiary could, but for this section, have taken by virtue of shares already held by it in the holding company, and pay the proceeds of sale to the subsidiary.” Amendment agreed to. Section, as amended, agreed to. (iii) Sections 33 and 34 agreed to. (iv) Section 35. Amendment proposed (Minister for Industry and Commerce): “In subsection (5), paragraph (b), to delete ‘3’ and substitute ‘6’.” Amendment agreed to. Section, as amended, agreed to. (v) Sections 36 to 41 inclusive, agreed to. (vi) Section 42. Amendment proposed (Minister for Industry and Commerce): “To delete subsection (2).” Amendment agreed to. Section, as amended, agreed to. (vii) Sections 43 to 49 inclusive agreed to. (viii) Section 50. Amendment proposed (Minister for Industry and Commerce): “In subsection (1), paragraph (b), to delete ‘3’ and substitute ‘6’.” Amendment agreed to. Section, as amended, agreed to. (ix) Sections 51, 52 and 53 agreed to. (x) Section 54. Amendment proposed (Minister for Industry and Commerce): “In subsection (5), paragraph (b) to delete ‘3’ and substitute ‘6’.” Amendment agreed to. Section, as amended, agreed to. (xi) Section 55. Amendment proposed (Minister for Industry and Commerce): “Before subsection (2) to insert a new subsection as follows: ‘( ) Where an allotment is avoided under this section the company shall within one month thereafter deliver to the registrar of companies for registration a notice to that effect, and subsections (3) and (4) of section 58 shall apply in relation to this subsection as they apply in relation to that section.”’ Amendment agreed to. Amendment proposed (Minister for Industry and Commerce): “In subsection (2), page 45, line 34, to delete ‘sections’ and substitute ‘sections 53 and 54’.” Amendment agreed to. Section, as amended, agreed to. (xii) Section 56. Amendment proposed (Deputy Sweetman): “In subsection (1), line 43, delete ‘third’ and substitute ‘eighth’.” Amendment, by leave, withdrawn. Amendment proposed (Minister for Industry and Commerce): “To delete subsection (5) and substitute: ‘( ) An application for shares in or debentures of a company which is made in pursuance of a prospectus issued generally shall be irrevocable until after the expiration of 7 days after the day on which the prospectus is first so issued or the giving before the expiration of the said 7 days, by some person responsible under section 49 for the prospectus, of a public notice having the effect under that section of excluding or limiting the responsibility of the person giving it.”’ Amendment agreed to. Section, as amended, agreed to. (iii) Section 57. Amendment proposed (Minister for Industry and Commerce): “In subsection (5), paragraph (b), page 47, line 1, after ‘shares’ to insert ‘or debentures’.” Amendment agreed to. Section, as amended, agreed to. (xiv) Sections 58 and 59 agreed to. Further consideration of the Bill adjourned. 5. Adjournment. The Committee adjourned at 5 p.m. until 8 p.m. on Tuesday, 22nd January, 1963. |
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