Alginate Industries (Ireland) Limited (Acquisition of Shares) Act, 1949

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Number 22 of 1949.

ALGINATE INDUSTRIES (IRELAND) LIMITED (ACQUISITION OF SHARES) ACT, 1949.

ARRANGEMENT OF SECTIONS

Number 22 of 1949.

ALGINATE INDUSTRIES (IRELAND) LIMITED (ACQUISITION OF SHARES) ACT, 1949.

AN ACT TO AUTHORISE THE MINISTER FOR LANDS TO ACQUIRE CERTAIN SHARES OF ALGINATE INDUSTRIES (IRELAND) LIMITED AND TO PROVIDE FOR MATTERS CONNECTED THEREWITH. [30th July, 1949.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Definitions.

1.—In this Act—

“the Company” means Alginate Industries (Ireland) Limited;

“the Minister” means the Minister for Lands.

Power to Minister to acquire shares.

2.—(1) The Minister may expend a sum or sums not exceeding five thousand one hundred pounds in the acquisition of shares of one pound each in the Company at a price not exceeding one pound per share.

(2) No stamp duty shall be payable in respect of the acquisition of the shares.

Powers of Minister in respect of his shares.

3.—(1) The shares of the Company acquired by the Minister shall be allotted or transferred either, as the Minister directs, to the Minister or to a person nominated by him and different persons may be nominated in respect of different shares.

(2) The Minister may transfer any of his shares to a person nominated by him.

(3) The Minister may sell all or any of his shares.

(4) The Minister may exercise in respect of his shares all the rights and powers of a holder of shares of the Company and, where a right or power is exercisable by attorney, exercise it by his attorney.

(5) All dividends and other money received by the Minister in respect of his shares and also the net proceeds of the sale of shares shall be paid into the Exchequer.

Nominee shareholders.

4.—(1) A nominee of the Minister shall hold upon trust for the Minister the shares of the Company standing in his name as nominee and shall dispose of them in such manner as the Minister may from time to time direct in writing.

(2) The direction of the Minister shall be a good authority and discharge to the nominee to whom it is given for everything done by him in accordance with it and the nominee shall not be entitled or concerned to enquire if it is lawfully given.

(3) A nominee shall, in the exercise of his rights and powers in respect of the shares standing in his name as nominee, act in accordance with the directions of the Minister.

(4) All dividends and other money received by a nominee in respect of the shares standing in his name as nominee and also the net proceeds of the sale of those shares shall be paid into the Exchequer.

(5) In this section “nominee” includes the personal representative of a deceased nominee.

Qualification of Minister under Control of Manufactures Act, 1934.

5.—For the purposes of this Act, the Minister shall be a qualified person under the Control of Manufactures Act, 1934 (No. 36 of 1934).

Laying of Company's accounts before Oireachtas.

6.—(1) The Minister shall, so long as he is the owner of any shares in the Company, lay before each House of the Oireachtas, as soon as may be after the end of each of the Company's accounting years, a balance sheet for such accounting year duly audited by the auditor of the Company and also a profit and loss account for the same accounting year similarly audited.

(2) So long as the Minister is the owner of any shares in the Company, the Company shall, as soon as may be after the end of each of the Company's accounting years, present to the Minister a report of its work during such accounting year and the Minister shall lay the report before each House of the Oireachtas.

Advances out of Central Fund.

7.—(1) The money from time to time required by the Minister to pay for shares of the Company acquired by him shall be advanced out of the Central Fund or the growing produce thereof.

(2) For the purpose of providing money for the sums advanced under this section the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing the Minister for Finance may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the money so borrowed into the Exchequer.

(3) The principal of and interest on any securities issued by the Minister for Finance under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

Short title.

8.—This Act may be cited as the Alginate Industries (Ireland) Limited (Acquisition of Shares) Act, 1949.