This section defines the " relevant accounting period " and provides that a loan to a company is to be regarded as a security whether or not it is secured and, if it is secured, irrespective of the nature of the security.
SECTION 115.
Question proposed: " That section 115 stand part of the Bill."
If this was not there, what would be the position?
If a loan is not a secured loan it would not be deemed to be a security, but by being a security it extends the area of control.
It is an assistance to ensuring what falls within the category?
Yes.
We now get back to the sources of defining an " accounting period ". In general one would like to see, I presume, that such administrative necessities would be provided for, so as to be basically simple. In other words, if you can have one period and try to work to it, have the thing simple, I am sure the Revenue Commissioners would subscribe to that as well as everybody else. Is the Minister satisfied that this Bill, and this section in particular, is the best in that direction?
I am. It is very clear.
If we had had time to look at this Bill, as we should have had, we would have seen that one of the things it calls for more than anything else is an examination of or a debate on the administrative machinery. If we are to play an effective part it will be here that the Members of the Dáil will be able to contribute. The Minister has had the benefit of his advisers. They must, of necessity, be looking at it from a unified point of view which, in the last analysis, is the unified view of the Department which has to administer it. An outside second opinion might not be any harm. I do not wish to delay the Committee, but I am taking advantage of this section to make the general point.
This section is in ease of those who want to obtain——
Even so, it must not be taken for granted that because it is in ease we would necessarily take it.
Question put and agreed to.