National Stud Act, 1945
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Issue of shares to Minister for Finance in consideration of transfer of chattels. |
18.—For the purpose of fixing and securing payment to the State of an amount to be paid by the Company as the consideration for the transfer (which will by the operation of section 31 of this Act take effect on the transfer date) to the Company of the chattels belonging to the State which are on the National Stud Farm on the transfer date, the following provisions shall have effect, that is to say:— | |
(a) the Minister for Finance shall, as soon as may be after the transfer date, issue a certificate in writing certifying the sum which in his opinion should be paid by the Company as the consideration for such transfer; | ||
(b) the Company shall, at the request of the Minister for Finance made at any time after the issue of the said certificate, issue to the Minister for Finance without payment by him fully paid up ordinary shares of the Company equal (in nominal value) to the sum so certified. |