Legislation modelled on British Companies Act
O'Malley asked about adopting legislation like the British Companies Act, 1976; Bruton said company-law changes were under consideration but that evolving proposals and pending submissions made immediate legislation inadvisable.
asked the Minister for Industry and Commerce if he intends to introduce legislation on the lines of the British Companies Act, 1976.
Comment on this
I made it known last year that I was contemplating a number of changes in company law, certain of which would be in line with provisions which are in the British Companies Act, 1976. There continues to be a fairly rapid evolution in thinking in the realm of company law; I have received major submissions in the last few months from two professional organisations and expect to receive one from a third body, and in addition the present expectation is that the EEC's Fourth Directive on Company Law will be finalised this year.
I have concluded that it would be a mistake in these circumstances to prepare proposals for amendment of the law just at the moment and, apart from a short Bill of a technical nature relating to computerised stock exchange transfers, I do not envisage introducing companies legislation in the near future. Depending on developments, it would seem likely that it will be early next year before it will be possible to introduce a major Bill which I expect to deal, inter alia, with many of the matters which are covered by the British Act to which the Deputy refers.
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