This takes the place of Section 274, subsection (3) of the 1908 Act which, in effect, required foreign companies establishing places of business here to file with the Registrar a statement in the form of a balance sheet.
SECTION 354.
Question proposed: " That Section 354 stand part of the Bill."
Subsection (3) provides that the Minister may grant to any company or to any class of companies exemption from the obligation imposed by subsection (1) and adds: " subject to such conditions as he may think fit." What does this mean?
There may be foreign companies which under the legislation prevailing in their home countries would be required to prepare accounts which, while giving adequate information, might not necessarily give what is prescribed under the laws of this country. It would be undesirable that they should be forced to prepare particular accounts for filing with our Registrar.
Should it not be made clearer what is intended? I very well understand that what is intended is that if in fact the accounts that are prepared by some foreign company differ from the accounts necessary according to our law, the Minister will allow these accounts if he considers them adequate. As drafted, the Bill would give the Minister powers to exempt them altogether from the obligation to present their accounts in a certain form. I think this gives the Minister very wide powers. You may have some companies coming in here and requiring to be relieved of this obligation. I think we should make clear what is intended—that companies must in fact fulfil an obligation but that that obligation can be waived on the lines intended by the Minister.
It is not the intention to exempt such companies altogether. Deputy Costello's point can be covered by redrafting and I shall see what can be done in that regard.
I would be glad if the provision could be made more explicit.
Question put and agreed to.