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Formation of subsidiaries
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14. (1) Shannon Group may, with the consent of the Minister and the Minister for Public Expenditure and Reform, and subject to any conditions of either of them, either by itself or with other persons, promote, take part in the formation of, or acquire a shareholding in, a company (wherever incorporated) including a subsidiary.
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(2) The memorandum and articles of association of a subsidiary of Shannon Group shall be in such form as is in conformity with this Act and as may be approved of by Shannon Group.
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(3) A subsidiary of Shannon Group shall make such reports to Shannon Group as Shannon Group may require.
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(4) A subsidiary of Shannon Group may enter into joint ventures with other persons.
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(5) A subsidiary of Shannon Group shall not guarantee the borrowings or liabilities of any of its subsidiaries, without the approval of the Minister given with the consent of the Minister for Public Expenditure and Reform and the Minister for Finance.
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(6) Shannon Group may, with the consent of the Minister and the Minister for Public Expenditure and Reform, and subject to any conditions of either of those Ministers, wind up any of its subsidiaries.
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