These provisions in relation to prospectuses of companies incorporated outside the State are much the same as the provisions for prospectuses of companies within the State, as in Part III. The only reason I mention this point is that the Committee may not want to go into detail about them.
SECTION 361.
Question proposed: " That Section 361 stand part of the Bill."
It is identical with what we went into on Part III.
Question put and agreed to.
SECTION 362.
Question proposed: " That Section 362 stand part of the Bill."
These are all the same as we met before in Part III.
The same as Section 45 of Part III.
What are the recognised stock exchanges referred to in subsection (1) (b)?
That is covered by the definition section. " Recognised stock exchange " means a stock exchange prescribed by the Minister for the purposes of each provision in which those words appear.
Presumably Dublin and Cork.
These are the only two we have.
And this section is empowering the recognised stock exchanges to issue a certificate of exemption in relation to prospectuses?
Yes.
The Minister will recall that at an early stage of this discussion I referred to the fact that the Dublin Stock Exchange, to which we are giving a specific function here, has certain extra-statutory functions and that in the neighbouring country, a very rigid code of regulations is laid down by the stock exchange which serves a very useful purpose in that they are flexible and adaptable. I suggested to the Minister that he should urge the Stock Exchanges in this country to bring their regulations into conformity with the best practice in our neighbouring country. They have significantly failed to do so. I again urge the Minister at this stage to consider that point.
As the Deputy knows, the Stock Exchange is under the control of the Minister for Finance rather than of the Minister for Industry and Commerce. However, I shall specifically bring that point to the notice of the Minister for Finance.
Question put and agreed to.
SECTION 363.
I move amendment No. 111:
In subsection (1), paragraph (b), lines 20 and 21, to delete " all the provisions (other than the penal provisions) of " and substitute: " provisions corresponding to the provisions (other than penal provisions) of ".
The purpose of this amendment is merely to express the point at issue in clearer terms. It has been pointed out to us by the Attorney General's office that the words " the persons concerned ", referred to in line 20, cannot be bound by all the provisions of Sections 56 and 57 since these sections will not in fact apply to them. The " persons concerned " can, however, be bound by provisions corresponding to those in Sections 56 and 57. It is for clarification.
Are these sections similar to the sections in the British legislation?
They are very largely the same. We rectified a few small points here and there but I do not think there is any substantial difference.
Amendment agreed to.
Section 363, as amended, agreed to.