The Gazette 1958-61

A company which was registered by a name specified by Statute may, notwithstanding anything contained in such statute, change its name by passing a special resolution, and getting the approval of the Department of Industry and Commerce. If the Minister for Industry and Commerce is of opinion that any other Minister is concerned in the adminis tration of the statute specifying the name of such company, he shall not approve of the change of name without consulting the other Minister (Section 9)- The Companies (Foreign Interests) Act, 1917 is repealed (Section n). FINANCE BILL, 1959 The Finance Bill, 1959—as introduced—a com prehensive measure of 80 Sections and 4 Schedules— together with an Explanatory Memorandum of 10 pages—may be purchased from the Government Publications Sale Office, G.P.O. Arcade, Henry Street, Dublin, for 3/6d., plus 6d. postage. It is hoped to publish a summary of the Finance Act, 1959 in its final form, when it has been passed by both Houses. ADMINISTRATION OF ESTATES ACT, 1959 The Administration of Estates Act, 1959,15 now law, and its 26 Sections and 2 Schedules amend in certain respects the present law relating to adminis tration of estates. PART I.—(Preliminary and General). By Section i, Parts I and IV are to come into operation on the date the Bill is enacted, i.e., the 28th May 1959- However Parts II and III, and Section 26 will only come into operation the ist June 1959. Parts II and III shall not apply to the estate of any person dying before the ist June 1959 (Section 5). PART II.—Devolution of Real Estate on death. Real property shall henceforth devolve on and become vested in the personal representative as if it were a chattel real (Section 6). The personal representatives will hold the estate as trustees for the persons entitled—i.e., for the heir-at-law, if the owner has died intestate, or for the devisee under the will, if the owner has made a will. Henceforth the law as to the effect of Probate and Letters of Administration where personal property is concerned will apply to real property. Henceforth also a person's real estate shall be administered in the same manner as his persona)

pany consists of such shares. (Section 2). There is a general prohibition of a provision of financial assistance, whether by cash, loan or guarantee, for the purchase of, or subscription to be made by any person for, any share in the company; this shall not apply if the lending of the money by the company is done in the ordinary course of business, or if the shares are bought by trustees for the benefit of employees (including salaried directors), or if the loan is made by the Company to persons other than directors in the bona fide employment of the Company who wish to purchase shares for them selves in the Company. (Section 3). In general, a subsidiary Company cannot be a member of the holding Company, and any allotment or transfer of shares to its subsidiary shall be void ; this shall not affect subsidiary Companies already in being except that they shall have no right to vote at meetings of the holding company (Section 4). The terms " holding Company " and " subsidiary Company " are defined at length (Section 5). An " Extraordinary Resolution " shall henceforth be deemed to be passed if not less than three-fourths of the members as are entitled to do so approve of it at a specially summoned meeting. A " Special Resolution " need no longer be confirmed by a majority of members at a second specially summoned meeting, but it may henceforth be passed by not less than three-fourths of the members as are entitled to approve of it at a. general meeting, but 21 days' notice of such meeting must be given. (Section 6). Section 26 of the 1908 Act states the detailed requirements of the Annual List of Members ; except for members who die or retire, provision is now made that those detailed particulars need henceforth be given only every five years, instead of every year (Section 7). If there is a scheme or contract involving an offer for the transfer of shares from a subsidiary company to a principal company, and if within four months of the making of the offer by the principal company such offer has been approved of by shareholders re presenting not less than four-fifths of the shares, whose transfer is involved, the principal company may within the following two months give notice to any dissenting shareholder that it intends to acquire his shares. In such an event such shares shall be duly acquired by the principal company according to the terms of the contract unless the Court otherwise orders. Detailed provisions are set out of the circum stances in which such transfers cannot take place except upon equitable grounds. The detailed con siderations governing such transfers, if they take place, and governing the requisite notices, are also set out (Section 8).