I was at a recent meeting on the subject of company law and the responsibilities of the company secetary within the limited company. This meeting of accountants in cork plus other professionals re-affirmed some key issues as follows:
1. The legal obligation on companies to maintain the 7 statutory registers (minute book). The O.D.C.E. (office of director of corporate enforcement) could request sight of this register at any time!
2. Company Directors who think they can walk away from a company are now more likely to face legal sanctions brought by the ODCE. There is a legal procedure to dispose of a limited company and if it is not followed then Directors could be prosecuted.
3. A new companies consolidation bill 2010 is in process and expected to become law sometime in 2014.
The new Act will likely bring single director companies, a constitution to replace the existing Memorandum/Articles of Association, new company name and certificate of incorporation.
If you would like to discuss any issue surrounding company law or directors obligations then contact me at O’Mahony Donnelly….Michael O’Mahony FCCA
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