As regards the Industrial Credit Bill, those who are interested have now got a substantive amendment ready.
Industrial Credit Bill, 1933—Report Stage (Resumed).
Cathaoirleach
I would propose to amend paragraph (c) of the recommendation already proposed by inserting after the word "period" in line 4 of the paragraph the words "not exceeding five years." I understand that the recommendation in that form would meet with the general acceptance of the Seanad. The first paragraph (b) stands as already proposed.
Cathaoirleach
Paragraph (c) of the recommendation would now read:—
"(c) that the first managing director of the company shall be such one of the directors of the company as the Minister may appoint and shall hold the office of managing director for such period, not exceeding five years, on such terms and subject to such conditions as the Minister may direct."
Before we pass away from this recommendation I do not know whether this new form alters the position—I think it does—but as they existed previously, paragraph (c) did away entirely with paragraph (b).
No.
Practically.
Only for the first managing director.
The Minister has dealt with it now but otherwise paragraph (c) gave the Minister complete power to do away with paragraph (b).
That may be so as it was originally phrased but that was not the intention. This new amendment will get over the trouble.
Cathaoirleach
Is the Senator satisfied?
As far as one can deal with the matter in a hurry, yes.
Recommendation, as amended, declared carried.
I move amendment No. 2:—
Schedule. Paragraph 4. To delete in line 29 the words "one-half" and to substitute therefor the words "one-fifth."
I indicated I think on the Second Stage of the Bill that I would ask the Seanad to make this recommendation. It is merely to provide that, so long as the Minister has any significant share in the company, the debentures will not be issued without his consent. The original provision was so long as the Minister held one-half of the shares. We are now reducing the qualifying holding to one-fifth. I think the amendment in all the circumstances is an acceptable one. If the Minister holds one-fifth of the shares he can veto an issue of debentures. He will only veto the issue of debentures where he thinks the issue is not justifiable.
Recommendation put and declared carried.
Question—"That the Bill as amended be received for final consideration"— put and agreed to.