Gas (Amendment) and Miscellaneous Provisions Act 2024

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Power to issue shares

8. (1) On the transfer day Gas Networks Ireland shall issue 100 shares in the following proportions:

(a) 5 per cent of the shares to the Minister;

(b) 5 per cent of the shares to the Minister for Public Expenditure, National Development Plan Delivery and Reform;

(c) 90 per cent of the shares to the majority-shareholding Minister.

(2) No consideration shall be payable by the Minister, the Minister for Public Expenditure, National Development Plan Delivery and Reform or the majority shareholding Minister in respect of the shares issued under subsection (1).

(3) Gas Networks Ireland may, from time to time, with the prior consent of the majority shareholding Minister, issue to the Minister, the Minister for Public Expenditure, National Development Plan Delivery and Reform and the majority shareholding Minister, in the same proportion, respectively, referred to in paragraphs (a), (b) and (c) of subsection (1), such number of shares as may be agreed upon, and are subscribed for, by each such Minister.

(4) The whole of the issued share capital of Gas Networks Ireland shall be held by the Minister, the Minister for Public Expenditure, National Development Plan Delivery and Reform and the majority-shareholding Minister.