Vol. 199 No. 6
I move amendment No. 1:
In page 2, after line 16, to insert—
" `the Companies Acts' means the Companies Acts, 1908 to 1959;".
The object of this amendment is to rectify an omission in the Bill as originally introduced. It is really a drafting amendment.
I notice that the amendment refers to "the Companies Acts, 1908 to 1959." In view of the Bill at present before the Special Committee, should "1959" not be changed to "1962," or is it not necessary?
First of all, the measure before the Special Committee is still in the form of a Bill but I should imagine it would be continued by the Interpretation Act which would bring in the 1962 Bill when it is enacted.
I move amendment No. 2:
In page 2, to delete subsection (2).
The subsection as it stands, provides that all moneys required from time to time by the Minister for Finance to meet payments, etc., can be advanced out of the Central Fund. I have been advised that subsection (1) of Section 8 makes similar provision and that, in effect, this subsection is redundant and I propose to remove it from the Bill.
I move amendment No. 3:
In subsection (3), page 4, line 29, after "this section" to insert "and the expenses incurred in connection with the issue of such securities".
This is a simple amendment also. The purpose is to ensure that any brokerage expenses incurred would be authorised by the Bill.
I notice that Section 9 provides that the provisions of the Schedule shall have effect as long as the Minister for Finance holds shares in the company. Reference is made in paragraph (5) of the Schedule to the position arising where a director or a person employed in the company is either redundant or becomes entitled to a pension under the Parliamentary Offices Act, and assuming that the Minister for Finance ceases to hold shares, do these parts of the Schedule cease to have effect?
Yes; they would. It would then be a non-State company.
This Bill is certified a Money Bill in accordance with Article 22 of the Constitution.
