ACC Bank Act, 2001
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Disposal and issue of shares in ACC in connection with a trust. |
4.—(1) Notwithstanding anything to the contrary in the ACC Bank Acts, 1978 to 1999, ACC may, in connection with a trust, issue such number of new shares, of such class or classes and upon and subject to such terms and conditions, as ACC may determine and may attach to any new shares any preferential, deferred, qualified or special rights, privileges, conditions or restrictions in accordance with the Companies Acts, 1963 to 1999. | |
(2) The Minister may, for the purposes of a trust and in such manner and upon and subject to such terms and conditions as he or she may determine, sell or otherwise transfer to employees of ACC or a subsidiary, or to the trustees of a trust, shares held by him or her. | ||
(3) Section 60 of the Companies Act, 1963 , shall not apply to the provision, whether directly or indirectly, by— | ||
(a) ACC or a subsidiary, or | ||
(b) a holding company or another subsidiary of a holding company, | ||
of money or financial assistance (including a loan or guarantee or the provision of security or otherwise) at any time in connection with the acquisition (whether by purchase or exchange) of or subscription for shares, or shares in a holding company, being an acquisition of or subscription for such shares in accordance with a trust or the transfer to a trust of such shares, irrespective of whether or not all or a portion of such shares are pledged as security or otherwise to any third party. | ||
(4) Moneys received by the Minister in respect of the disposal of shares by the Minister shall be paid into or disposed of for the benefit of the Exchequer. |