Committee Reports > List of Committees > Joint > 1976 > Committee on the Secondary Legislation of the European Communities > Report No. 47 - Company Law, Annual Accounts of Limited Liability Companies

IMEACHTAÍ AN CHOMHCHOISTE

PROCEEDINGS OF THE JOINT COMMITTEE

Déardaoin, 9 Nollaig, 1976

Thursday, 9th December, 1976

1. The Joint Committee met at 3.30 p.m.

2. Members Present.

The following members were present:

Deputies Haughey (in the chair), Collins, Dunne, Esmonde, Fitzgerald and Kavanagh; Senator Ryan. Apologies for inability to attend were received from Deputies Flanagan, McDonald and Staunton and from Senator Robinson.

3. Draft Report on the Draft Fourth Directive on Company Law: the Annual Accounts of Limited Liability Companies.

The Chairman brought forward a Draft Report which was read as follows:—

(i) Paragraphs 1 to 7, inclusive, agreed to.

(ii) Paragraph 8.

Amendment proposed (Deputy Esmonde):

“At the end of the paragraph to add the following sub-paragraph:—

‘When all the Directives dealing with company law are finally adopted the Companies Act, 1963 will have to be amended extensively to comply with Community obligations. It seems to the Joint Committee that at that point a suitable opportunity will arise for reviewing the provisions of the Act from the viewpoint of domestic needs as well as Community requirements. The Joint Committee considers that this work could usefully be undertaken by a joint committee of the Dáil and Seanad specially appointed for the purpose. It would obviously be of great benefit to have in a single statute all the statutory law relating to companies appropriately revised to meet all present day requirements”.’

Amendment agreed to.

Paragraph, as amended, agreed to.

(iii) Paragraph 9 agreed to.

(iv) Draft Report, as amended, agreed to.

Ordered: To report accordingly.

4. Adjournment.

The Joint Committee adjourned at 4.25 p.m.