Committee Reports::Report - Companies Bill, 1962::20 March, 1963::Proceedings of the Joint Committee

IMEACHTA AN CHOISTE.

THE PROCEEDINGS OF THE COMMITTEE.

Dé Céadaoin, 20 Márta, 1963.

Wednesday, 20th March, 1963.

1. The Committee met at 4 p.m.


2. Members Present.


The following members were present:—


The Minister for Industry and Commerce, Deputies Booth, Byrne, Cosgrave, de Valera, Gallagher, Norton, T. G. O’Donnell and Sweetman.


3. Election of Temporary Chairman.


Motion made (Deputy Byrne):


“That Deputy Booth be the temporary Chairman of the Committee.”


Question put and agreed to.


Deputy Booth took the Chair accordingly.


4. Consideration of Bill.


The Committee resumed consideration of the Bill.


(i) Section 165 agreed to.


(ii) New section.


Amendment proposed (Deputy Byrne):


“Before section 166 to insert a new section as follows:


‘(1) In respect of a company in which a controlling interest is held by a Minister of State or his nominees or the wholly-owned subsidiary of such a company the Minister shall appoint one or more competent persons to investigate the affairs of the company and to report thereon in such manner as the Minister directs on the joint application of not less than 20 members of Dáil Éireann.


(2) The application shall be supported by such evidence as the Minister may require for the purpose of showing that the applicants have good reason for requiring the investigation.


(3) The Inspectors’ Report shall be laid before Dáil Éireann.”’


Amendment, by leave, withdrawn.


(iii) Section 166.


Amendment proposed (Deputy Cosgrave):


“To delete paragraph (b) (iii) and substitute the following:


‘(b) (iii) that its members have not been given a fair and accurate account of its affairs.”’


Amendment, by leave, withdrawn.


Amendment proposed (Deputy Cosgrave):


“To add a new subsection as follows:


‘( ) A person appointed an inspector by the Minister shall have at least five years practical experience in industry or commerce or be not below the rank of principal officer in the civil service.”’


Amendment, by leave, withdrawn.


Section agreed to.


(iv) Sections 167 to 171 inclusive, agreed to.


(v) New section.


Amendment proposed (Deputy Cosgrave):


“Before section 172 to insert a new section as follows:


‘A director or directors of a company the subject of an investigation under any of the preceding sections shall have a right of appeal to the High Court against such inspection or investigation.”’


Amendment, by leave, withdrawn.


(vi) Sections 172 and 173 agreed to.


Further consideration of the Bill adjourned.


5. Adjournment.


The Committee adjourned at 6.10 p.m. until 7.30 p.m. on Tuesday, 26th March, 1963.