Ireland · The DAC, the guarantee company, unlimited companies and re-registration
The designated activity company: formation, the objects clause, capacity and financial statements
the Companies Act 2014 · sections 965, 967, 969 to 971, 973 to 975, 981, 982, 985, 986 and 996
Where the problem is
A DAC keeps an objects clause, and that is the whole point of the type. Altering it is a formal exercise with its own notice duties. Notice of the meeting at which the special resolution altering the objects is to be proposed must be given to any holders of debentures that carry the entitlement section 975(3) describes. Where the written resolution procedure is used, notice of not less than 10 days of the proposed use of that procedure must be given together with a copy of the resolution (section 975(4)).
The filing then depends on whether anyone objects. Where a DAC passes a resolution altering its objects and no application is made under section 974, the DAC must file within 15 days after the end of the period allowed for making such an application (section 975(7)). A DAC that files immediately after the resolution has filed too early, and one that waits for a reminder has filed too late.
What the Companies Act 2014 requires
Sections 965, 967 and 969 to 971 govern the formation of a DAC, the form of its constitution and its name. The number of members of a DAC may not exceed 149, and the section lists the persons disregarded in reckoning that limit (section 965(6)). Sections 973 to 975 govern the exemption from the suffix, the capacity of a DAC and the alteration of the objects clause.
Sections 981, 982, 985, 986 and 996 apply Parts 1 to 14 to a DAC with the modifications the sections set. Section 68 applies to a DAC as if the subsection set out in section 981 were substituted for subsection (2), which controls the admission of the DAC's securities to trading or listing. The routing sections in Part 16 are what carry the general Parts into the DAC, so a DAC reads the general obligation and the modification together.
The tool that solves it
Files 119, 120 and 121 of the IE-COMPANY package cover this situation. File 119 works through formation, the constitution and the name. File 120 works through the suffix exemption, capacity and any alteration of the objects clause, with the dates of the notices and the filing. File 121 works through share capital, directors and financial statements as they apply to a DAC. The passport built by File 1 records that the company is a DAC, so only the files that apply to that type are opened.
This situation is covered by these files from the pack IE-COMPANY
- File 119 · The designated activity company: formation, constitution and name
- File 120 · The DAC: exemption from the suffix, capacity and alteration of the objects clause
- File 121 · The DAC: share capital, directors and financial statements
Files for this situation
Free · this situation only
The working files named above cover this situation. You take them from your free ComplianceSME account when this situation arises, and you come back to the site for the next situation.
You take the starter pack first: PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that the other files require. The situations open in your account once you have taken the starter pack.
Take the files for this situationThe free system
Free · with a free account
The ComplianceSME system for the Companies Act 2014 is free. It needs a free ComplianceSME account and runs inside your own Claude account. It holds 215 working files, the training file, the reference file in four volumes, the regulation analysis, the final review with the gap analysis, and the report assembly. You take the starter pack first, and after that the files for one situation at a time, as each situation arises.
The starter pack holds PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that every other working file requires. Print PRINT_ME_FIRST.pdf and read it before any other file.
The system runs in your own Claude account. Upload the files, type START, and the system asks you one question at a time until it has built your documentation, citing the section at every point.
Take the starter packComplianceSME tracks the Companies Act 2014 and issues update files through the membership, so that you are never working from a superseded version. Membership