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Companies (Amendment) (No. 2) Act, 1999

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Number 30 of 1999


COMPANIES (AMENDMENT) (NO. 2) ACT, 1999


ARRANGEMENT OF SECTIONS

PART I

Prepliminary and General

Section

1.

Short title, collective citation, construction and commencement.

2.

Interpretation generally.

3.

Orders.

PART II

Examinerships

4.

Definition.

5.

Amendment of section 2 of Act of 1990.

6.

Amendment of section 3 of Act of 1990.

7.

Pre-petition report in relation to company.

8.

Amendment of section 3(5) of Act of 1990.

9.

Interim protection pending report.

10.

Creditors to be heard.

11.

Availability of independent accountant's report.

12.

Amendment of section 4 of Act of 1990.

13.

Duty of act in good faith.

14.

Amendment of section 5 of Act of 1990.

15.

Restriction on payment of pre-petition debts.

16.

Amendment of section 6 of Act of 1990.

17.

Disapplication of section 98 of Principal Act to receivers in certain circumstances.

18.

Repudiation of contracts.

19.

Amendment of section 8 of Act of 1990.

20.

Amendment of section 12 of Act of 1990.

21.

Hearing regarding irregularities.

22.

Amendment of section 18 of Act of 1990.

23.

Amendment of section 23 of Act of 1990.

24.

Amendment of section 24 of Act of 1990.

25.

Provisions with respect to guarantees.

26.

Provisions with respect to leases.

27.

Amendment of section 27 of Act of 1990.

28.

Priority of costs, remuneration and expenses of examiner.

29.

Amendment of section 30 of Act of 1990.

30.

Repeals.

PART III

Exemption from requirement to have accounts audited

31.

Definitions.

32.

Exemption from requirement to have accounts audited.

33.

Section 32: supplemental provisions.

34.

Removal of auditor consequent on exemption being availed of.

35.

Appointment of auditor consequent on exemption ceasing to have effect.

36.

Application of Part.

37.

False statements in returns, balance sheets, etc.

38.

Application of Part to partnerships to which Part III of the 1993 Regulations applies.

39.

Saving.

PART IV

Miscellaneous

40.

Amendment of section 16 of Investment Limited Partnerships Act, 1994.

41.

Amendment of section 240 of Companies Act, 1990.

42.

Additional requirement to be complied with before company may be formed.

43.

Company to have director resident in the State.

44.

Section 43: supplemental provisions.

45.

Limitation on number of directorships.

46.

Power of registrar to strike company off register for failure to make annual return.

47.

Amendment of section 195 of Principal Act.

48.

Exercise of power to strike company off register where it is not carrying on business.

49.

Amendment of section 311 of Principal Act.

50.

Amendment of section 311A of Principal Act.

51.

Amendment of section 8 of Companies (Amendment) Act, 1983.

52.

Performance of duties of registrar of companies.

53.

Amendment of sections 20 and 21 of Companies Act, 1990.

54.

Amendment of Part XIII (Investment Companies) of Companies Act, 1990.

FIRST SCHEDULE

Specific Provisions from which Company is Exempted under Part III

SECOND SCHEDULE

List of Companies for Purposes of Section 3(2)(c) of Act of 1990 and Sections 32 and 45


Acts Referred to

Building Societies Act, 1989

1989, No. 17

Central Bank Act, 1971

1971, No. 24

Central Bank Act, 1989

1989, No. 16

Central Bank Acts, 1942 to 1998

Companies Act, 1963

1963, No. 33

Companies Act, 1990

1990, No. 33

Companies Acts, 1963 to 1986

Companies Acts, 1963 to 1990

Companies Acts, 1963 to 1999

Companies (Amendment) Act, 1982

1982, No. 10

Companies (Amendment) Act, 1983

1983, No. 13

Companies (Amendment) Act, 1986

1986, No. 25

Companies (Amendment) Act, 1990

1990, No. 27

Companies (Amendment) Act, 1999

1999, No. 8

European Communities Act, 1972

1972, No. 27

Exchange Control Acts, 1954 to 1986

Finance Act, 1999

1999, No. 2

Insurance Act, 1989

1989, No. 3

Insurance Acts, 1909 to 1990

Investment Intermediaries Act, 1995

1995, No. 11

Investment Limited Partnerships Act, 1994

1994, No. 24

Limited Partnerships Act, 1907

7 Edw. 7. c. 24

Local Government Act, 1941

1941, No. 23

Petty Sessions (Ireland) Act, 1851

14 & 15 Vict., c.93

Registration of Business Names Act, 1963

1963, No. 30

Stock Exchange Act, 1995

1995, No. 9

Taxes Consolidation Act, 1997

1997, No. 39

Trade Union Acts, 1871 to 1990

Tribunals of Inquiry (Evidence) Acts, 1921 to 1998

Trustee Savings Banks Act, 1989

1989, No. 21

Unit Trusts Act, 1990

1990, No. 37

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Number 30 of 1999


COMPANIES (AMENDMENT) (NO. 2) ACT, 1999


AN ACT TO AMEND THE COMPANIES (AMENDMENT) ACT, 1990, TO PROVIDE FOR AN EXEMPTION FROM THE REQUIREMENT THAT THE ACCOUNTS OF COMPANIES AND CERTAIN PARTNERSHIPS BE AUDITED, TO PROHIBIT THE FORMATION OF A COMPANY UNLESS IT APPEARS TO THE REGISTRAR OF COMPANIES THAT THE COMPANY WILL CARRY ON AN ACTIVITY IN THE STATE, TO REQUIRE, SAVE IN CERTAIN CIRCUMSTANCES, ONE OF THE DIRECTORS OF A COMPANY TO BE A PERSON RESIDENT IN THE STATE, TO OTHERWISE AMEND THE LAW RELATING TO COMPANIES AND CERTAIN PARTNERSHIPS AND TO PROVIDE FOR RELATED MATTERS.

[15th December, 1999]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: