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Obligations to hold shares in trust for Minister.
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11.—(1) Every director of the Agency (including the subscribers to the memorandum of association of the Agency, but excluding the Minister) shall hold shares in the Agency upon trust for the Minister and shall transfer, as and when required by the Minister, all or any of the shares to the Minister or a person nominated in that behalf by the Minister.
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(2) The Minister may, from time to time as occasion requires, for the purpose of providing a person appointed or intended to be appointed to be a director of the Agency with the necessary qualifications, do either or both of the following things, that is to say—
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(a) transfer (subject to the restriction imposed by subsection (3) of this section) to any person one or more of the shares in the Agency for the time being held by the Minister;
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(b) require any director of the Agency to transfer one or more of the shares in the Agency held by him to the Minister or any other person.
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(3) Save as is authorised by subsection (2) of this section, the Minister shall not transfer or otherwise alienate any of the shares in the Agency for the time being held by him and he shall not so exercise the powers conferred on him by the said subsection (2) as to reduce at any time the number of shares in the Agency held by him to less than fifty-one.
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