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Excluded companies.
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4.—(1) In this section, the expression “Stock Exchange” means a Stock Exchange, being—
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(a) the Dublin Stock Exchange, or
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(b) the Cork Stock Exchange.
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(2) For the purposes of this Act, a company shall be an excluded company if and so long as it complies with the following conditions—
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(a) that it is a public company limited by shares and is an Irish company,
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(b) that it is managed and controlled in the State,
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(c) that its Memorandum of Association and every prospectus issued by it after the date of the passing of this Act provide that the carrying on of a manufacturing process in relation to a commodity intended for export is a principal object,
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(d) that, of each class of shares carrying voting rights issued by it, not less than fifty per cent. have been bona fide issued for public subscription in the State and have been made available primarily to Irish citizens or Irish companies which are managed and controlled in the State,
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(e) that in respect of each of such class of shares a quotation has been granted by a Stock Exchange.
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(3) Where a company which complies with the conditions set out in paragraphs (a), (b) and (c) of subsection (2) of this section applies to a Stock Exchange for a quotation in respect of any class of shares carrying voting rights issued by it, the following provisions shall apply—
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(a) the company shall in its application state whether it does or does not claim that it has in respect of that class of shares complied with the condition set out in paragraph (d) of subsection (2) of this section,
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(b) if the company so claims in its application, then—
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(i) the company shall furnish to that Stock Exchange such information, in relation to that class of shares, as that Stock Exchange may require to enable it to determine whether such claim is or is not well-founded,
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(ii) if the company fails to furnish that information or if that Stock Exchange is not satisfied that the claim is well-founded, it shall not grant a quotation in respect of that class of shares,
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(iii) if that Stock Exchange grants a quotation in respect of that class of shares, the company shall, as regards that class of shares, be taken to have complied with the conditions set out in the said paragraph (d).
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