National Oil Reserves Agency Act 2007
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Power to establish subsidiaries. |
16.— (1) The Agency may, with the consent of the Minister and the Minister for Finance, perform any of its functions through a subsidiary. | |
(2) For the purpose of subsection (1), the Agency may do one or more of the following: | ||
(a) acquire, form or establish one or more than one subsidiary; | ||
(b) acquire or hold shares, or any other interest, in a company or become a member of a company. | ||
(3) A subsidiary that is acquired, formed or established under subsection (2) may be formed and registered under— | ||
(a) the Companies Acts, or | ||
(b) the laws of a place other than the State. | ||
(4) The Agency shall ensure that the memorandum and articles of association of each subsidiary are in a form consistent with this Act and that the prior approval of the Minister and the Minister for Finance is obtained in relation to the memorandum and articles of association of each subsidiary and any alterations to them. | ||
(5) Each subsidiary formed or established under the Companies Acts shall be limited by shares and comply with those Acts. | ||
(6) The Minister may, subject to subsection (7), give a direction in writing to the Agency on any matter relating to a subsidiary, and the Agency shall ensure compliance with the direction. | ||
(7) A direction that relates to the disposal of any assets or surpluses of a subsidiary may only be given with the consent of the Minister for Finance. | ||
(8) The grades of staff and the number of staff of a subsidiary shall be determined by the Agency, with the consent of the Minister and the Minister for Finance. | ||
(9) A member of the staff of a subsidiary holds office or employment subject to such terms and conditions as are approved by the Minister with the consent of the Minister for Finance. | ||
(10) The directors of a subsidiary shall be appointed and may be removed from office by the Agency with the prior approval of the Minister given with the consent of the Minister for Finance. | ||
(11) If a person who is both a director of a subsidiary and a director of the Agency is removed under section 14 (6) from office as a director of the Agency or ceases under section 23 to hold such office, that person immediately ceases to be a director of the subsidiary. | ||
(12) The Minister may, by order, designate a subsidiary that complies with the requirements of this section as a subsidiary whose operating costs and administrative expenses are to be paid out of the levy. | ||
(13) Where any function of the Agency is, under the memorandum of association of a subsidiary, a function of the subsidiary, every provision of, or of any instrument under this Act or any other enactment relating to the Agency shall, in respect of that function, apply to the subsidiary as it applies to the Agency. |