Mr. Noel Treacy, T.D., Minister for Commerce, Science and Technology has today (Wednesday 10th March 1999) announced that he has made Regulations, known as the Companies Act, 1963 (Ninth Schedule) Regulations, 1999, and an Order, known as the Companies Act, 1963 (Section 377(1)) Order, 1999.

The purpose of the Regulations is essentially to apply Part XI of the Companies Act, 1990, which deals with the acquisition of own shares and shares in holding company; the European Communities (Public Limited Companies Subsidiaries) Regulations 1997, and related provisions to unregistered companies.

The purpose of the Order is to facilitate the application of Part XI of the Companies Act 1990, as altered by the above mentioned (Ninth Schedule) Regulations, 1999 to unregistered companies, by making some necessary modifications in the application of that part to such unregistered companies.

The making of the Regulations and Order will permit the purchase of own shares by unregistered companies in the same manner as ordinary companies incorporated under the Companies Acts.

The instruments will effectively become operative from the 1st of April 1999.