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PART 4
Transfer of Shares to Shannon Group
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Shannon Airport transfer day and Shannon Commercial Enterprises transfer day
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28. (1) As soon as may be following the Shannon Group formation day, and after consultation with the Minister for Public Expenditure and Reform, the Minister shall by order provide that, without the need for any conveyance or assignment—
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(a) ownership of all shares—
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(i) held by the Minister for Public Expenditure and Reform in the share capital of Shannon Airport Authority stand vested in Shannon Group, and
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(ii) held in trust by persons for the Minister for Public Expenditure and Reform in the share capital of Shannon Airport Authority stand vested in Shannon Group,
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on such day as the Minister appoints in the order (in this Act referred to as the Shannon Airport transfer day), and
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(b) ownership of all shares—
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(i) held by the Minister for Public Expenditure and Reform in the share capital of Shannon Development stand vested in Shannon Group, and
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(ii) held in trust by persons for the Minister for Public Expenditure and Reform in the share capital of Shannon Development stand vested in Shannon Group,
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on such day as the Minister appoints in the order (in this Act referred to as the Shannon Commercial Enterprises transfer day).
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(2) No consideration shall be payable by Shannon Group in respect of the shares vested in Shannon Group under this section.
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(3) Shannon Group shall not dispose of the shares transferred under subsection (1) without the consent of the Minister given after consultation with the Minister for Public Expenditure and Reform.
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