asked the Minister for Industry and Commerce the number of EC directives on company law which have yet to be implemented in this country; if he will give the Government's proposed timetable for bringing them into effect; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - EC Directives on Company Law.
7.
(Limerick East): The next step in the Government's programme to implement EC company law measures will relate to the Third and Sixth Directives, dealing respectively with specific types of mergers and divisions of public limited companies. It is proposed to implement these two directives together within the next six months.
National legislation to implement the Seventh and Eighth Directives, dealing respectively with consolidated accounts and the qualifications of company auditors, must be in place by 1 January 1988. The legislation itself must, in each case, come into effect by 1 January 1990 at the latest. The Government propose to have each of the necessary implementing measures in place by the due date.
Does the Minister agree that we have been very dilatory in implementing EC directives so far as in some cases we had to be threatened with legal action before we did so? Can we be assured that the Minister will implement the Third Directive within the next six months? Does that mean it will be implemented before next Easter?
(Limerick East): I propose that the Department, through me, will introduce the Third and the Sixth Directives together some time over the next six months. It will not take any longer.
The Minister promised company law legislation before the summer recess. Can he indicate if that will be ready for this session?
(Limerick East): That is a different question. It is very complex legislation but the work is almost completed between my officials and those in the office of the Attorney General. It is proposed to take it to Government shortly.