Minerals Exploration and Development Company Act, 1941

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Obligation to hold shares in trust for the Minister for Finance.

15.—(1) Every member of the Company (including the subscribers to the Memorandum of Association of the Company, but excluding the Minister for Finance) shall hold his shares in the Company upon trust for the Minister for Finance, and shall accordingly be bound to pay every dividend, bonus, and other money received by such member on or in respect of such shares to the Minister for Finance for the benefit of the Exchequer and to transfer, as and when required by the said Minister, all or any of such shares to the said Minister or a person nominated in that behalf by the said Minister.

(2) It shall be lawful for the Minister for Finance, from time to time as occasion requires for the purpose of compliance with so much of the Companies Acts as requires that there shall always be at least seven members of the Company or for the purpose of providing a person appointed or intended to be appointed to be a director of the Company with the necessary qualification, to do either or both of the following things, that is to say:—

(a) transfer (subject to the restriction imposed by the next following sub-section of this section) to any person one or more of the shares in the Company for the time being held by the said Minister;

(b) require any member of the Company to transfer all or any one or more of the shares in the Company held by him to the said Minister or any other person.

(3) Save as is authorised by the next preceding sub-section of this section, the Minister for Finance shall not transfer or otherwise alienate any of the shares in the Company for the time being held by him and he shall not so exercise the powers conferred on him by the said next preceding sub-section as to reduce at any time the number of shares in the Company held by him to less than fifty-one.