Companies Act 2014 section 2

Interpretation generally

Section 2 provides the master glossary of defined terms used throughout the Companies Act 2014, covering everything from the meaning of "company" and "director" to financial, governance, and regulatory terminology.

• Defines over 80 key terms used throughout the Act, including "company", "director", "constitution", "annual return", "debenture", "called-up share capital", and "statutory auditor"
• Sets the default interest rate ("appropriate rate") at 5 per cent per annum, with power for the Minister to change this by order
• Establishes six tests for when companies are "related" to one another, including parent-subsidiary relationships, shared equity ownership exceeding 50 per cent, and control of voting power
• Clarifies that references to a "body corporate" include companies incorporated outside the State but exclude corporations sole, and that interpretive provisions apply to constitutions already in force as well as future ones

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