Companies Act 2014

F524 [ Approval and signing of entity payment reports and consolidated payment reports

1458

1458. (1) An entity payment report prepared in accordance with section 1450 and a consolidated payment report prepared in accordance with section 1451 shall be approved by the board of directors and signed on their behalf by not less than 2 directors, where there are 2 or more directors.

(2) Without prejudice to the generality of section 11 , where the company has a sole director, subsection (1) shall operate to require that director to approve and sign the entity payment report or consolidated payment report.

(3) Every copy of every entity payment report or consolidated payment report which is delivered to the Registrar or which is otherwise circulated, published or issued shall state the names of the persons who signed the payment report on behalf of the board of directors.

(4) If any copy of an entity payment report or a consolidated payment report is delivered to the Registrar or is otherwise circulated, published or issued without the payment report (the original of it as distinct from the copy) having been signed as required by this section or without the required statement of the signatories names on the copy being included, the company and any officer of it who is in default shall be guilty of a category 2 offence.

(5) In subsection (4) , officer includes any shadow director and de facto director. ]

Annotations

Amendments:

F524

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 87, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

Modifications (not altering text):

C173

Section applied with modifications (1.01.2020) by European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. No. 597 of 2019), reg. 40, in effect as per reg. 1(2), (3).

Application of section 1458 of Principal Act

40. Section 1458 of the Principal Act shall apply to a qualifying partnership subject to the following modifications:

(a) where the qualifying partnership is not a limited partnership, the entity payment report or consolidated payment report shall be approved by the members and signed on their behalf by at least 2 of their number;

(b) where the qualifying partnership is a limited partnership -

(i) if there is only one general partner, the entity payment report or consolidated payment report shall be approved by that general partner and shall bear the signature of that partner, or

(ii) if there is more than one general partner, the entity payment report or consolidated payment report shall be approved by the general partners and signed on their behalf by 2 of their number.

C174

Application of subs. (4) extended (1.01.2020) by European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. No. 597 of 2019), reg. 42(1), (2), in effect as per reg. 1(2), (3).

Offences

42. (1) A qualifying partnership that fails to comply with any provision referred to in sections 291(9), 292(3), 294(9), 295(3), 324(6), 324(8), 355(7), 355(9), 356(5) or 1458(4) of the Principal Act as applied by these Regulations commits an offence.

(2) Where an offence under paragraph (1) is committed by a qualifying partnership and it is proved that the offence was committed with the consent or connivance, or was attributable to any wilful neglect, of a person who was -

(a) a member of the qualifying partnership,

(b) a director of such a member, or (c) a person purporting to act in either such capacity,

that person shall, as well as the qualifying partnership, be guilty of an offence and may be proceeded against and punished as if he or she were guilty of the first-mentioned offence.

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