asked the Minister for Industry and Commerce if he intends to introduce legislation on the lines of the British Companies Act, 1976.
Ceisteanna—Questions. Oral Answers. - Company Law.
20.
I made it known last year that I was contemplating a number of changes in company law, certain of which would be in line with provisions which are in the British Companies Act, 1976. There continues to be a fairly rapid evolution in thinking in the realm of company law; I have received major submissions in the last few months from two professional organisations and expect to receive one from a third body, and in addition the present expectation is that the EEC's Fourth Directive on Company Law will be finalised this year.
I have concluded that it would be a mistake in these circumstances to prepare proposals for amendment of the law just at the moment and, apart from a short Bill of a technical nature relating to computerised stock exchange transfers, I do not envisage introducing companies legislation in the near future. Depending on developments, it would seem likely that it will be early next year before it will be possible to introduce a major Bill which I expect to deal, inter alia, with many of the matters which are covered by the British Act to which the Deputy refers.
21.
asked the Minister for industry and Commerce if he intends to introduce legislation or take other steps to implement the EEC directives on company law in this country.
There are altogether eight EEC company law directives, either adopted or at various stages of preparation, which will require changes in company law. In addition, certain other EEC instruments will require additional changes. It is my intention that all of these requirements should ultimately be embodied in Bills amending the Companies Act, the first of which Bills I hope to introduce late this year or early next year. The timetable set for implementation of the various EEC requirements may, however, require that some may have to be implemented in the first place by regulations under the European Communities Acts, but these will in due course be subsumed in Companies Bills introduced in the Oireachtas in the normal way.
Is the Parliamentary Secretary aware that one of the existing directives which is in force for the Community generally, has been postponed in its operations for Ireland?
The fourth directive?
Part of it has been postponed for Ireland, namely the part relating to the publication of accounts of private limited companies. When is it proposed to bring this in? Is the Parliamentary Secretary aware that it is likely to cause considerable difficulty here because of our history of company law which is so different from what it is on the continent?
I think the Deputy is referring to the fourth directive which requires publication of the accounts of private companies. That is not yet in effect. It is expected that it will come into effect fairly soon.
In Ireland?
In the Community. It is not yet in effect in the Community.
Is it proposed to bring it into operation in Ireland at the same time as it will come into effect for the rest of the Community?
That is one of the matters which will have to be considered when the directive comes into being. In the first place, there will be a certain length of time for a decision here after the directive becomes effective at Community level as to the timing and nature of its implementation here. It is a matter which will be considered in due course. I should not like to commit myself, until I see the exact shape of the directive, as to the timing of the consequential Irish legislative provisions.
Is the Parliamentary Secretary aware that the terms of the directive have been published and would he give the House his views on the desirability or otherwise of the part which relates to the publication of accounts of private companies?
It has been published as a draft. I would be happy to give my views on the draft as it stands at present if the Deputy puts down a specific question on that matter.
The question is about that specific matter.
It is not. It is about the whole general question of company law.
It is about EEC directives on company law.
Of which there are eight. The Deputy is now asking me to give him my opinion on a specific part of one of the eight. If he wants that I will give it. He should put down a separate question.