I move:
That the Dundalk Gas Order, 1962, proposed to be made by the Minister for Transport and Power and laid in draft before Dáil Éireann on the 6th June, 1962, under subsection (4) of Section 10 of the Gas Regulation Act, 1920, be approved.
The Dundalk Gas Company is a statutory company set up under a private Act of 1887 and is not subject to the ordinary provisions of company law. Any alterations in the statutory provisions relating to the company have to be effected by means of a Special Order under Section 10 of the Gas Regulation Act, 1920, which enables me to grant additional powers to the company. Before the Order is made it has to be laid before both Houses of the Oireachtas. The Houses of the Oireachtas may, by resolution, approve the draft Order in the form submitted or may approve it with modifications or additions. When such approval is given I may make the Order in the form in which it has been approved.
The Dundalk Gas Company has applied to me for a Special Order. Notice of the proposed Order was published in Iris Oifigiúil and a local newspaper. Copies of the draft Order were sent to the local authorities in Dundalk and other public bodies who might be concerned. No objections to the proposed Order were received.
The object of the Order is to bring the Dundalk Gas Company into line with the other gas undertakings in the country. Its main provisions are to authorise the capitalisation of undistributed profits of the company by way of bonus shares so as to bring the capital of the company more into line with its capital investment; to enable the company to deal in other fuels such as liquid petroleum gas so as to improve its competitive position and to remove existing restrictions on the appointment of officials of the company as directors of the company. The other provisions of the Order consist of a number of minor amendments in the legislation under which the company operates.
Gas undertakings no longer enjoy the monopoly position they had at one time and they now have to meet stiff competition from other types of fuel. It is desirable therefore that outmoded restrictions should be removed. If the company were a non-statutory company, the changes being effected by the Order could be made in the normal way in its memorandum and articles of association under the Companies Acts. I am satisfied as to the need for this Order and that there is nothing in it repugnant to the public interest. I therefore recommend the Order for the approval of the House.