S.I. No. 178/1991 - Gas Act, 1976 (Section 9) (Establishment of Subsidiaries) Order, 1990.

S.I. No. 178 of 1991.

GAS ACT, 1976 (SECTION 9) (ESTABLISHMENT OF SUBSIDIARIES) ORDER, 1990.

I, ROBERT MOLLOY, Minister for Energy, in exercise of the power conferred on me by section 9 of the Gas Act, 1976 (No. 30 of 1976), hereby order as follows:

1 Citation

1. This Order may be cited as the Gas Act, 1976 (Section 9) (Establishment of Subsidiaries) Order, 1990.¹

2 Commencement

2. This Order shall come into operation on the 3rd day of July, 1991.

3 Interpretation

3. In this Order, unless the context otherwise requires—

"the Act of 1976" means the Gas Act, 1976 (No. 30 of 1976);

"the Board" has the same meaning as it has in the Act of 1976.

4 Conferment of Functions on Board

4. The functions set out in Article 5 of this Order are hereby conferred on the Board.

5 Establishment and acquisition of companies and interests in companies by Board

5. (1) In this Article "company" means—

( a ) a company within the meaning of the Companies Act, 1963 , or

( b ) a body formed or established under the laws of a state other than the State and corresponding to a body referred to in subparagraph (a) of this paragraph.

(2) The Board may promote and take part in the formation or establishment of a company.

(3) The Board may acquire, hold and dispose of shares or other interests in a company and become a member of a company.

(4) The Board may exercise total or partial control of the composition of the board of directors of, or other authority, by whatever name called, that controls or manages a company.

(5) The Board may—

( a ) lend money, upon such terms and conditions as it may determine, to a company, and

( b ) guarantee in such form and manner and on such terms and conditions as it thinks fit, the due repayment by a company of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed by the company or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest and any such guarantee may include a guarantee of payment of incidental expenses arising in connection with such borrowings and may be a guarantee of payment of a promissory note made by a company or a bill of exchange drawn or accepted by a company.

(6) The exercise by the Board of any power conferred by this Article shall be subject to the consent of the Minister and the Minister for Finance given after consultation with any other Minister of the Government who, in the opinion of the Minister, having regard to the functions of that Minister of the Government, ought to be consulted.

¹ The Order was approved by Seanad Eireann on 4 July, 1990 and by Dail Eireann on 13 June, 1991.

GIVEN under my Official Seal, this 3rd day of July, 1991.

ROBERT MOLLOY,

Minister for Energy.

EXPLANATORY NOTE.

This Order confers on Bord Gais Eireann powers, duties, rights and obligations in relation to the establishment of subsidiary companies or joint ventures.