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PART 4
Agency to establish subsidiary DACs
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Establishment of subsidiary DAC
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33. (1) For the purposes of performing any one or more of its functions the Agency may as it considers appropriate, with the consent of the Minister and the Minister for Public Expenditure and Reform, cause such one or more than one subsidiary, within the meaning of the Companies Act, in the form of a DAC limited by shares, to be formed and registered under Part 16 of that Act.
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(2) The Agency may cause a subsidiary DAC to be formed and registered under subsection (1) only—
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(a) if the Agency has obtained the prior approval of the Minister and the Minister for Public Expenditure and Reform for the provisions contained in the constitution of the subsidiary DAC, relating to the ownership and control of that subsidiary DAC, and
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(b) for the purposes of the performance by the subsidiary DAC of functions of the Agency.
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(3) Notwithstanding anything contained in the Companies Act, any alteration of the constitution of a subsidiary DAC shall not be valid or effectual unless made with the prior approval of the Minister and the Minister for Public Expenditure and Reform.
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(4) Subsections (1) to (3) of section 969 of the Companies Act shall not apply to a subsidiary DAC.
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(5) A subsidiary DAC shall make such reports to the Agency as the Agency requires.
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(6) The Agency may, with the consent of the Minister and the Minister for Public Expenditure and Reform, cause a subsidiary DAC to be wound up.
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