Company Law in Ireland
We don’t often get to change aspects of the laws that affect us as much as the up and coming debate in the Oireachtas for the Company Law Bill. As part of a review that began almost 10 years ago, the Dáil are hoping to update company law.
The Irish Social Enterprise Network would like your help in getting ‘Community Interest Companies’ and ‘Cooperatives’ recognised and debated in Irish Company Law. Your involvement only involves emailing the document (link here) to firstname.lastname@example.org on or before the 9th September 2013.
What are CiC’s and Cooperatives?
Cooperatives are set up by and for it’s members. Cooperatives operate on one man, one vote. Cooperatives offer an everybody is a winner approach to business. All members can benefit and have a say regardless of money invested.
Community Interest Companies are designed for social enterprises that want to use their profits and assets for the public good. CICs are intended to be easy to set up, with all the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the community.
Why the Need for Change?
We already have successful cooperatives such as credit unions in place in Ireland. However, some cooperatives operate on law that hasn’t changed much since before the foundation of the state. There are great examples of Cooperatives set up as Limited Companies with Cooperative Rules but we want legal recognition of this as a company type.
Community Interest Companies exist in the UK and Canada. Notably, there is an asset lock allowing investment and crucially the ability of Board members/ Directors to take a capped income from the CiC itself.
The current bill going through the Houses of the Oireachtas do not have advocates for these company formations but if 30 or so names email, we can argue for their inclusion.
What do I have to do?
To whom it may concern,
I am writing to include the following sections in the Irish Company Law Review Public Submission. I would like to include two company formation; Community Interest Company (CiC) and Cooperatives. I will outline both models and request that each company type is included for debate.
I would be grateful if you could reply to confirm that my submission has been received and processed.
Link to doc: Cooperatives CICS Company Law Review