Shannon Free Airport Development Company Limited Act, 1959

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SCHEDULE.

Provisions having effect so long as the Minister for Finance holds any shares of the company or any moneys borrowed by the Company the due repayment of which is guaranteed by that Minister have not been repaid or any moneys paid by the Minister under a guarantee have not been repaid to him by or recovered by him from the Company.

Section 10 .

Restriction on alteration of memorandum and articles of association.

1. Notwithstanding anything contained in the Companies Acts, 1908 to 1959, or in the memorandum or articles of association of the Company, an alteration in the said memorandum or articles shall not be valid or effectual unless made with the previous approval of the Minister for Finance given after consultation with the Minister.

Accounts and audits.

2. (1) The Company shall keep, in such form as may be approved by the Minister, with the concurrence of the Minister for Finance, all proper and usual accounts of all moneys received and expended by it and, in particular, shall keep, in such form as aforesaid, all such special accounts as the Minister may from time to time direct,

(2) Accounts kept in pursuance of this section shall be submitted annually by the Company to an auditor for audit at such time as the Minister, with the concurrence of the Minister for Finance, directs and the Company shall furnish a copy of the accounts as so audited, together with a copy of the auditor's report thereon, to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas.

Annual report.

3. (1) The Company shall, in each year, at such date as the Minister may direct, make a report to the Minister of its activities during the preceding year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas.

(2) Whenever the Minister so directs, such annual report shall also include information on such particular aspects of the Company's activities under this Act as the Minister may specify.

Membership of either House of the Oireachtas by directors, officers or servants of the Company.

4. (1) Where a director of the Company is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a director of the Company.

(2) Where a person who is either an officer or a servant in the employment of the Company becomes a member of either House of the Oireachtas—

(a) he shall, during the period (in this section referred to as the secondment period) commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from such employment or upon the termination of such employment by the Company, stand seconded from such employment,

(b) he shall not be paid by, or entitled to receive from, the Company any salary or wages, as the case may be, in respect of the secondment period,

(c) if there is in force a scheme made by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company and the scheme establishes a fund to which the Company and the person pay contributions—

(i) the secondment period shall, for the purposes of the scheme, be deemed to be service of that person which is reckonable for superannuation benefits under the scheme if, but only if—

(I) he was in the permanent employment of the Company and was a contributor under the scheme immediately before the commencement of the secondment period,

(II) he elects, by notice in writing given to the Company within three months after the commencement of the secondment period, to pay contributions under the scheme in respect of the secondment period in accordance with the provisions of this paragraph, and

(III) he pays, at such times and in such manner as the committee duly appointed under the scheme to administer the scheme may specify, contributions under the scheme in respect of the secondment period equal in amount to the aggregate of the contributions which he would have paid and the contributions which the Company would have paid in respect of the secondment period if he had remained without secondment under this paragraph in the service of the Company during the secondment period and had been in receipt of remuneration from the Company during that period,

(ii) the Company shall not pay any contributions under the scheme in respect of the secondment period, but that part of the contributions payable by him as aforesaid which is equal to the amount of the contributions which the Company would have paid under the scheme in respect of the secondment period if he had remained without secondment under this subparagraph in the service of the Company during the secondment period and had been in receipt of remuneration from the Company during that period shall, for the purposes of the scheme, be deemed to have been paid by the Company,

(iii) if the secondment period is terminated by his death or by his retirement from such employment, he shall, for the purposes of the scheme, be deemed to have died in or to have been retired from the service of the Company, as the case may be, and to have been in receipt of remuneration from the Company immediately before such death or retirement, as the case may be,

(iv) if he does not pay or if, having paid contributions under the scheme in accordance with the provisions of this subparagraph, he ceases to pay contributions as aforesaid, he shall, for the purposes of the scheme, be deemed to have resigned from such employment—

(I) in case he ceases to pay contributions as aforesaid, on the date of the last payment, and

(II) in any other case, immediately before the commencement of the secondment period.

(3) If a person who is or was an officer or servant of the Company becomes entitled to a pension under the Ministerial and Parliamentary Offices Acts, 1938 to 1952—

(a) he shall not be entitled to reckon the whole or any part of his period of pensionable service, within the meaning of those Acts, for any superannuation benefits payable under a scheme made by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company,

(b) if he has paid any contributions in accordance with the provisions of subparagraph (2) of this paragraph in respect of that period, so much thereof as is equal to the amount of the contributions which he would have paid in respect of that period under the scheme if he had remained without secondment under subparagraph (2) of this paragraph in the service of the Company during that period and had been in receipt of remuneration from the Company during that period, shall be returned to him if and when a payment of benefit or a return of other contributions is made to him under the scheme.

(4) A reference in subparagraph (2) or subparagraph (3) of this paragraph to the receipt by any person of remuneration from the Company shall be taken as a reference to the receipt by that person of remuneration from the Company at the rate at which he was being remunerated by the Company on the last day of his employment with the Company before his secondment under sub-paragraph (2) of this paragraph.

(5) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall while so entitled, be disqualified from becoming a director of the Company or an officer or servant of the Company.

Restriction on making of superannuation scheme.

5. A scheme made by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company shall not be valid unless made with the consent of the Minister given with the concurrence of the Minister for Finance.