Subsection (2) is a new penalty clause.
SECTION 262.
Question proposed : " That Section 262 stand part of the Bill."
This is a section on which the Minister has received representations from the Institute of Chartered Accountants urging that this section and the analogous Section 306 should provide for the furnishing of annual accounts. Section 306 provides that accounts may be required at certain other intervals.
The points which were raised by the Chartered Accountants are being considered and any action required will be taken on the Report Stage.
Subsection (2) is quite new?
It is. It is not unduly onerous.
The obligation is on the liquidator at the time and it is only a matter of encouraging him to discharge his obligation.
It is difficult to have obligations unless there are some penalties. Otherwise, the tendency might be to disregard obligations.
It would hardly seem unduly onerous if you do not carry out your duties.
Question put and agreed to.