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Purchase and sale of shares of Irish Life Assurance Company, Limited, by Minister for Finance.
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12.—(1) The Minister for Finance may acquire by subscription or purchase and sell any shares of the Irish Life Assurance Company, Limited.
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(2) All sums paid to the Minister for Finance in consideration of the sale by him of any shares of the Irish Life Assurance Company, Limited, or in respect of dividends or other moneys payable in relation to such shares shall be paid into or disposed of for the benefit of the Exchequer.
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(3) All sums from time to time required by the Minister for Finance for the acquisition by him of shares in the Irish Life Assurance Company, Limited, shall be advanced out of the Central Fund or the growing produce thereof.
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(4) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose, and for the purpose of such borrowing, he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.
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(5) The principal of and interest on all securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.
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