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Articles of association.
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15.—(1) The articles of association of the company shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Finance.
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(2) The articles of association of the company shall provide that—
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(a) the number of directors (including the chairman) shall be not more than 9;
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(b) the chairman and other directors shall be appointed and may be removed from office by the Minister with the consent of the Minister for Finance;
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(c) each director (including the chairman) shall be appointed for a period not exceeding five years and shall be eligible for reappointment;
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(d) the remuneration of the chairman and other directors shall be determined by the Minister with the consent of the Minister for Finance;
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(e) no person shall be appointed as auditor of the company without the approval of the Minister given with the consent of the Minister for Finance;
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(f) the company shall, in consultation with recognised trade unions and staff associations, set up machinery for the purposes of negotiations concerned with the pay and conditions of service of its staff;
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(g) the company shall not establish or acquire a subsidiary without the approval of the Minister given with the consent of the Minister for Finance;
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(h) the aggregate at any one time of the company's investment in undertakings (other than subsidiaries) shall not exceed £250,000, except with the approval of the Minister given with the consent of the Minister for Finance.
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