Skip to main content
Normal View

Special Committee on the Companies (No. 2) Bill, 1987 debate -
Tuesday, 16 Jan 1990

SECTION 101.

John Bruton

Mr. J. Bruton

I move amendment No. 126b.

In page 86, between lines 20 and 21, to insert the following:

"(c) the definition of the terms ‘ought reasonably to be aware' in section 91 (3), and of ‘common good' in section 99 (5).".

As the committee will recollect, I was concerned about the use of these loose terms, things which people should be reasonably aware of. There is also a reference to the common good somewhere in the section. Power should be given to the Minister to define that the terms used in sections 91 and 99 mean in practice. I propose that the Minister should have the power to make such a definition by regulation. I do not think it is something that should be left to the Stock Exchange in issuing their rules to people about what they should do. This is such an important issue that the Minister should be involved.

Desmond J. O'Malley

Mr. O'Malley

It is a matter for the court in the last resort not the Stock Exchange to decide what they mean. One really could not define them; we went through a lot of that the last day. They cannot really be defined, and nobody has done so. If they are defined courts are suddenly going to be put in a position where all sorts of things that they should be able to take into account will have to be excluded. The very vagueness of the section is one of its strengths.

Brian Cowen

Chairman

Is the amendment withdrawn?

John Bruton

Mr. J. Bruton

The amendment is not withdrawn.

Amendment put.
The Committee divided: Tá, 5; Níl, 6.

Tá

  • Barrett, Seán.
  • Durkan, Bernard.
  • Bruton, John.
  • Reynolds, Gerry.
  • Carey, Donal.

Níl

  • Cowen, Brian.
  • O’Dea, Willie.
  • Flood, Chris.
  • O’Malley, Desmond.
  • Kitt, Tom.
  • Rabbitte, Pat.
Amendment declared lost.
Question proposed: "That section 101 stand part of the Bill."
John Bruton

Mr. J. Bruton

The Minister has indicated his intention of putting down an amendment to replace the words "Part V" with the words "section 98". I want to give notice that we may consider putting down an amendment to include, as subparagraph (c) in subsection (1), a reference to regulations for the general oversight of the enforcement of this legislation by the Stock Exchange.

Question put and agreed to.
Progress reported; Committee to sit again.
The Committe adjourned at 6.10 p.m. until 11 a.m. on Wednesday, 24th January, 1990.
Top
Share