OMCs Part 6: Does Companies Act 2014 affect OMC’s?
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.