Committee Reports > List of Committees > Dáil > 1993 > Select Committee on Enterprise and Economic Strategy > Interim report - Glackin report

APPENDIX 4

Appointment and powers of inspectors to investigate ownership of company.

14.—(1) The Minister may, subject to subsection (2), appoint one or more competent inspectors to investigate and report on the membership of any company and otherwise with respect to the company for the purpose of determining the true persons who are or have been financially interested in the success or failure (real or apparent) of the company or able to control or materially to influence the policy of the company.

(2) An appointment may be made by the Minister if he is of the opinion that there are circumstances suggesting that it is necessary—

(a)for the effective administration of the law relating to companies;

(b)for the effective discharge by the Minister of his functions under any enactment; or

(c)in the public interest.

(3) The appointment of an inspector under this section may define 5 the scope of his investigation, whether as respects the matters or the period to which it is to extend or otherwise, and in particular may limit the investigation to matters connected with particular shares or debentures.

(4) Subject to the terms of an inspector’s appointment his powers 10 shall extend to the investigation of any circumstances suggesting the existence of an arrangement or understanding which, though not legally binding, is or was observed or likely to be observed in practice and which is relevant to the purposes of his investigation.

(5) For the purposes of any investigation under this section, sections 15 9 to 11, except section 10 (3), shall apply with the necessary modifications of references to the affairs of the company or to those of any other body corporate, so, however, that—

(a)the said sections shall apply in relation to all persons who are or have been, or whom the inspector has reasonable 20 cause to believe to be or have been, financially interested in the success or failure or the apparent success or failure of the company or any other body corporate whose membership is investigated with that of the company, or able to control or materially to influence the policy thereof, 25 including persons concerned only on behalf of others and to any other person whom the inspector has reasonable cause to believe possesses information relevant to the investigation, as they apply in relation to officers and agents of the company or of the other body corporate, as 30 the case may be;

(b)if the Minister is of opinion that there is good reason for not divulging any part of a report made by virtue of this section he may disclose the report with the omission of that part; and may cause to be kept by the registrar of companies a 35 copy of the report with that part omitted or, in the case of any other such report, a copy of the whole report; and

(c)for references to the court (except in section 10 (5) and (6)), there shall be substituted references to the Minister.