The Gazette 1988

SEPTEMBER 1988

GAZETTE

Company Law/Pub l i c ly Quo t ed Compan i es Practitioners acting on behalf of Public Limited Companies which have a quote on one of the markets should be aware of the following:- 1. The Stock Exchange guidelines in regard to the disapplication of shareholders pre-emptive rights. 2 . The Irish Insurance Federation guidelines (as equity investors) on profit sharing and share option incentive schemes. Copies of these guidelines, if required, can be obtained from the appropriate bodies.

Soc i al We l fare — Oral Hear i ngs

The standard payment made to solicitors w ho a t t end at oral hearings will be increased to £30.00 from 1 October, 1988. S t a t us of Ch i l d r en Ac t , 1987 This Act was passed on 14 December, 1987, and Part V of the Act came into operation on 14 June, 1988. The main effect of this Part is to apply to the Succession Act, 1965 (Section 30) and to wills and other dispositions (Section 27) the general principle that relationships between persons are to be deter mined without regard to whether any person's parents were or have been married to each other. The Land Reg i s t ry wo u ld appreciate that in drafting affidavits for Land Registration applications care shou ld be t aken by practitioners to ensure that the provisions of Part V of the Act are complied with. Local Gove r nment (Mu l t i Storey Bu i l d i ngs) Ac t 1988 This Act has been passed by both houses of the Oireachtas and is most likely to become law in the near future. It will become law when the Minister for the Environment makes a Commencement Order. It is understood that the Com- mencement Order will be made as soon as the necessary Regulations have been drafted. This Act affects all multi storey buildings which were not completed on or before the 1st January, 1950. "Mu l ti Storey Building" means a building comprising five or more storeys, a basement being regarded Solicitors - how public are your private conversations? The problem of privaie consultations being over- heard by those in waiting areas is quite a common one, particularly when the areas is close to Ihe consulting room Now there is an inexpensive elec- tronic solution to this problem that is easy to install and requires no structural alteration! With Sound- masking, conversations are kept private and confidential-a benefit lor both lawyers and their clients - For lurther particulars contact: Soundma sk i ng Ltd. 25, Harcourl St. Dublin 2. Tel: 780499/700037

Compan i es ( Ame n dme n t) Ac t 1 9 86 Se c t i on 17 This Section of the Act was de- signed to enable subsidiaries of parent companies within the EEC to avoid the necessessity of filing accounts w i th the Annual Return. The Section sets out the procedures which must be followed if a subsidi- ary of an EEC parent company wishes to avail of this exemption. However, the actual wording of the Section has caused consider- able u n c e r t a i n ty b o th in t he a c c o u n t a n cy and t he legal profession. Practitioners have raised queries as to the nature and enforceability of the guarantee required by the legislation, the timing and the wording of such guarantee. A sub-committee of the Company Law Committee have had a meeting w i t h a s ub - c omm i t t ee of the Institute of Chartered Accountants concerning this matter and submis- sions to the Minister for Industry and Commerce are being con- sidered. In such submissions it is intended to raise, inter alia, the following points:- 1. The unsatisfactory position and in particular, the enforceability of the guarantee given; 2 . The time at which the guarantee should be granted; and 3 . The actual wo r d i ng of the guarantee. As soon as further information is to hand a further note will be published in the Gazette. In the meantime, all solicitors should exercise caution in the pre- paration of such guarantees.

The Company Law

Committee

Hous i ng (Rent Tr ibunal) Regu l a t i ons The Minister for the Environment has made regulations under the Housing (Private Rented Dwellings) Act, 1982 amending the provisions in the Housing (Rent Tribunal) Regu- lations, 1983, regarding the award- ing of costs and expenses by the Rent Tribunal. The Rent Tribunal was established in August, 1983 under Section 2 of t he Hou s i ng (Private Ren t ed Dwellings) (Amendment) Act, 1983 to replace the District Court as the arbitrating body for determining terms of tenancy of dwellings which were formerly controlled under the Rent Restrictions Acts. The new regulations, known as the Housing (Rent Tribunal) Regula- tions, 1983, (Amendment) Regula- tions, 1988, came into force on 1st July 1988 and will apply to applica- tions received by the Tribunal on or after that date. The main provision of the regulations allows the Rent Tribunal to make awards in cases where applications are determined without an oral hearing. Formerly, costs could be awarded only in respect of oral hearings. Also, the Rent Tribunal w i ll have more discretion in making awards in any case. The new provisions will ensure a more balanced and equitable treatment of parties in written cases where, very often, costs similar to those in oral cases are incurred.

The Company Law

Committee

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