As all OMC’s are governed by company law the simple answer to the above questions is YES. Under the Multi-Unit Developments Act, 2011 all OMC’s are required to be set up under company law. In most cases OMC’s are set up as companies limited by guarantee not having a share capital (CLG), limited companies (Ltd) or in some rare cases companies limited by guarantee having a share capital. Different roles will apply with regards to a number of areas depending on the structure of your OMC. For example if your OMC has share capital the laws of the DAC (Designated Activity Company) will apply from 1 June 2015 until it is converted to a Limited company or the end of the transition period. Whereas CLG’s will be required to apply the rules set out specifically for them under the Act.

Bottom Line

Directors of OMC’s should ensure that their company complies with the requirements of the new Companies Act and they, as directors are aware of their responsibilities.

What questions do you have?

We are happy to help. Please post your comment below or contact our Audit Service Director Will Townsend (wtownsend@cooneycarey.ie) on 01 677 9000. To keep in touch, connect with us on LinkedIn. If this article helped you, please share it with other businesses.