The new Companies Bill issued on 21 December 2012. At over 1,400 sections and 17 schedules and totalling over 1,100 pages of text, it will be the lengthiest piece of legislation ever enacted in the State. It aims to repeal and replace the fundamentals of existing Irish company law. Many of the provisions consolidate and restate provisions of the 16 existing Companies Acts, but there are a large number of new features which are aimed at reducing red tape, making company law obligations easier to understand and comply with, and modernising our company law with a view to enhancing competitiveness. Part 24 of the Bill (sections 1375 to 1405), sets out provisions concerning investment companies, some of which consolidate and restate or refine existing provisions of Irish Company law.