| |
PART 7
Amendment of Act of 2001
|
|
|
Amendment of Act of 2001.
|
21.— (1) The Act of 2001 is amended in section 2 by the insertion after subsection (2) of the following subsections:
|
|
| |
“(3) Of the capital stock in the Board issued to the Minister for Finance pursuant to subsection (2)(a) there shall, on the coming into operation of this subsection, stand transferred to the Minister for Communications, Marine and Natural Resources and rest in that Minister capital stock in the Board amounting to 10 per cent of the capital stock in the Board.
|
|
| |
(4) As respects capital stock issued by the Board after the coming into operation of this subsection—
|
|
| |
(a) 85 per cent of such capital stock shall issue to the Minister for Finance without payment and the said capital stock shall be treated as fully paid-up, and
|
|
| |
(b) 10 per cent of such capital stock shall issue to the Minister for Communications, Marine and Natural Resources without payment and the said capital stock shall be treated as fully paid-up,
|
|
| |
and such arrangements shall apply in place of the arrangements specified in subsection (2)(a).”.
|
|
| |
(2) The Act of 2001 is amended by the substitution of the following section for section 3:
|
|
| |
“Exercise of powers by Minister for Finance and Minister for Communications, Marine and Natural Resources in respect of capital stock.
|
|
| |
3.— (1) Subject to the provisions of this Act, the Minister for Finance may, in respect of the capital stock held by him or her, exercise all the rights or powers of a holder of such capital stock and, where such right or power is exercisable by attorney, exercise it by his or her attorney.
|
|
| |
(2) Subject to the provisions of this Act, the Minister for Communications, Marine and Natural Resources may, in respect of the capital stock held by him or her, exercise all the rights or powers of a holder of such capital stock and, where such right or power is exercisable by attorney, exercise it by his or her attorney.
|
|
| |
(3) The Minister for Communications, Marine and Natural Resources shall not sell, exchange, surrender or otherwise dispose of all or any of the capital stock in the Board held by him or her without the prior consent of the Minister for Finance.”.
|
|
| |
(3) The Act of 2001 is amended by the substitution for section 7 of the following section:
|
|
| |
“Payment of dividends into Exchequer.
|
|
| |
7.— All amounts representing dividends or other money received by the Minister for Finance or the Minister for Communications, Marine and Natural Resources in respect of capital stock held by either of them shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.”.
|
|
| |
(4) The Act of 2001 is amended by the substitution for section 11 of the following section:
|
|
| |
“Expenses.
|
|
| |
11.— The expenses incurred by the Minister for Communications, Marine and Natural Resources and the Minister for Finance in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of monies provided by the Oireachtas.”.
|
