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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-19/24/
19 Jul 1934 - debentures. I would say that there is no reasonable objection to giving co-operative societies power... on their part to give co-operative societies outright the power of issuing debentures if necessary. A number... Mr. Aiken Anybody who has any knowledge of co-operative societies, or of any other business... for that matter, knows that at some time or another a co-operative society or business may get... assets or bonds, or something else. One of the assets of a co-operative society is the balance
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-18/31/
18 Jul 1934 - . The law is that a co-operative society has nothing with which to raise the wind except a bill of sale... this S.O.S. on behalf of co-operative societies and pull wool across the eyes of the banks. If a co...-operative society is in difficulties and the shares are not fully subscribed, to issue debentures while... with the observation of the Minister that this practice of certain members of co-operative societies having to go... did irreparable damage to the co-operative movement. I wonder has the Agricultural Credit
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-19/24/
19 Jul 1934 - of all, the Bill aims at giving co-operative societies the right to guarantee advances by giving over... co-operative societies the right to issue debentures and to give them that right retrospectively.... From 1928 onwards a certain number of co-operative societies wanted cash, and they went to the Credit... to such societies that cannot be recovered now?" He went on to say: "The Bill might be a way... Mr. Aiken Deputy Belton said: "I wonder has the Agricultural Credit Corporation made advances
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-18/31/
18 Jul 1934 - problem is. He said that as the law now stands co-operative societies only raise money by a bill of sale... Mr. Belton We are not going to oppose this Bill. The Minister, at the conclusion of his remarks..., said the Bill is necessary to solve an immediate problem. He did not say what that immediate... and, of course, that damages credit. The Minister has in the Bill the bodies to whom those... debentures would be offered. Of course it is a case of offering debentures in all cases to Government institutions or departments.
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1978-02-08/3/
8 Feb 1978 - Mr. MacSharry The 1934 Act relates to the issue of debentures by agricultural co-operative... societies. Under section 5 such societies require the prior consent of the Minister for Agriculture... of the society offering a debenture in order to check on their credit-worthiness. ... to the issue of debentures. It is proposed to dispense with this requirement and it will no longer... be necessary to have his consent. The intervention of the Minister for Agriculture is no longer
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1978-02-08/3/
8 Feb 1978 - of the Agricultural Co-operative Societies (Debentures) Act, 1934, to add "and ‘capital sum of'" after "and with such consent of the Minister as is mentioned in this Act".
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-19/24/
19 Jul 1934 - Mr. McMenamin Is this an agricultural society or a co-operative society?
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Debate: Seanad Éireann
https://www.oireachtas.ie/en/debates/debate/seanad/1934-08-22/11/
22 Aug 1934 - . There are two matters dealt with in this Bill. The position in some co-operative societies.... First as regards debentures. These co-operative societies cannot give debentures. The result... Societies. The Agricultural Co-operative Society is more or less correctly defined in sub-section (4... that it is an agricultural co-operative society under this Act. Once certified that it is so, then that society may go... we are only taking powers to watch very closely agricultural co-operative societies
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Debate: Seanad Éireann
https://www.oireachtas.ie/en/debates/debate/seanad/1934-08-29/4/
29 Aug 1934 - co-operative societies. Under the Bill as proposed, such eligible lender must have the approval... of this Bill I raised the question of whether an individual should be eligible to obtain a debenture over... the whole principle of co-operation. It would be against the principle of co-operation to allow... way, any debenture in favour of an individual must be approved in the ordinary way under the rules... to an individual obtaining a debenture, even under those safeguards. I have not got his exact words
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-18/31/
18 Jul 1934 - debentures on the uncalled capital of an agricultural co-operative society? Some of those societies are 30... Mr. McMenamin I also wish to query the finance of this Bill. I do not understand its meaning.... That is the meaning of the Bill. That is what is behind this Bill. Let us not go out of this House to-night... as a result of the bad management, incompetence and blundering of societies, and it is sought to impose that liability on the community. I object to that.
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-18/31/
18 Jul 1934 - of agricultural co-operative societies in the country a weapon whereby far more injury than benefits... in Section 4 of this Bill, and for this reason that the committees of management of rural co-operative... issue. If the manager of a co-operative society approaches the committee and tells them...-operative society has borrowed some money from the Agricultural Credit Corporation and is unable to meet... societies of the kind referred to here are not familiar at all with the principle underlying debenture
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-09-12/4/
12 Sep 1934 - of debentures shall not be made by an agricultural co-operative society under this section unless either... the committee of such society has power under the rules of such society to borrow money and the amount... to be borrowed on the security of such debentures is within such borrowing power or a resolution... of such society convened expressly for the purpose of considering and, if thought fit, passing such resolution.
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-05/10/
5 Jul 1934 - Leave granted to introduce a Bill entitled an Act to empower certain societies registered under... the Industrial and Provident Societies Act, 1893, to issue debentures, and to borrow money... on the security of their uncalled capital, and for other purposes connected with the matters aforesaid.— (Minister for Agriculture, Dr. Ryan).
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-19/24/
19 Jul 1934 - Mr. Aiken Between £4,000 and £5,000—that is to co-operative societies with the understanding... that when this Bill becomes law they will give the Agricultural Credit Corporation the first charge on the uncalled capital.
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-19/24/
19 Jul 1934 - Mr. Aiken They are agricultural co-operative societies. I think what I have said should do away... Corporation and the co-operative societies who have got money from them. I will deal now with some... transaction. This Bill aims at giving legal sanction to what was an honourable understanding, and, I... would say to what was a legal binding contract in the ordinary way between the Agricultural Credit... of the other points that were made. Deputy Dillon said that this Bill might involve the unfortunate shareholders in a liability they never meant to undertake.
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-09-12/4/
12 Sep 1934 - that the committee of a co-operative society might issue debentures without having authority from the members... of the society to borrow money. As the amendment stands—and, in fact, as I am advised—no committee... could issue debentures unless they had powers to borrow. If they had powers to borrow, then it would... be all right; but if they have no powers to borrow, then they must go to the society.
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Debate: Seanad Éireann
https://www.oireachtas.ie/en/debates/debate/seanad/1934-09-05/3/
5 Sep 1934 - as follows:— (2) An issue of debentures shall not be made by an agricultural co-operative society under... Minister for Agriculture (Dr. Ryan) I am proposing to change the wording of the Senator's... this section unless either the committee of such society has power under the rules of such society... to borrow money and the amount to be borrowed on the security of such debentures is within... of the shareholders of such society convened expressly for the purpose of considering
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Debate: Seanad Éireann
https://www.oireachtas.ie/en/debates/debate/seanad/1934-08-22/11/
22 Aug 1934 - to accept the newly created debentures? Would a society for the curing of bacon say, be included in the category of agricultural societies? ... for the distribution of the debentures of a society rather than having the responsibility put on a few men. I have... Mr. Dillon I desire to give my support to that part of the Bill which provides... I would like to have information from the Minister. Will the Minister say if a society can create... debentures to pay off an old outstanding debt, and whether this measure can be applied
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Debate: Dáil Éireann
https://www.oireachtas.ie/en/debates/debate/dail/1934-07-19/24/
19 Jul 1934 - Mr. Aiken That is an extract from an agreement between a co-operative society and the Agricultural Credit Corporation.
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Debate: Seanad Éireann
https://www.oireachtas.ie/en/debates/debate/seanad/1934-08-29/4/
29 Aug 1934 - it. With regard to these co-operative societies, I would like to know if the position is this: that two... or three recalcitrant members are in a position to be able to hold up the issue of debentures? I... this Bill as it stands and as the Minister wants us to do, might not a majority of the shareholders who... were opposed to the issuing of these debentures feel very strongly against us for enabling
