Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926
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No. 7/1926: INDUSTRIAL TRUST COMPANY OF IRELAND LIMITED (ACQUISITION OF CAPITAL) ACT, 1926 |
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ARRANGEMENT OF SECTIONS |
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AN ACT TO PROVIDE FOR THE ACQUISITION BY THE MINISTER FOR FINANCE OF SHARE CAPITAL OF THE INDUSTRIAL TRUST COMPANY OF IRELAND LIMITED AND FOR OTHER PURPOSES CONNECTED THEREWITH. |
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[5th March, 1926.] |
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BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:— |
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| Definitions. |
1.—In this Act- |
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the expression "the Minister" means the Minister for Finance; |
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the expression "the Company" means the Industrial Trust Company of Ireland Limited. |
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| Acquisition of share capital of Company. |
2.—The Minister shall, as and when he thinks fit, issue out of the Central Fund or the growing produce thereof such sums not exceeding in whole the sum of fifty thousand pounds as may be required for the acquisition by him of share capital of the Company. |
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| Payment of dividends, etc., into Exchequer. |
3.—All dividends, bonuses, and other moneys received by the Minister in respect of share capital of the Company acquired by him under this Act shall be paid into the Exchequer. |
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| Powers of Minister as shareholder. |
4.—(1) The Minister may, so long as he holds any of the share capital of the Company acquired by him under this Act, exercise all or any of the rights and powers from time to time exercisable by the holder of such share capital, and where any of such rights or powers are exercisable by attorney the Minister may if he so thinks proper exercise such rights or powers by his attorney. |
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(2) The Minister may agree with the Company that so long as he holds any of the share capital of the Company acquired by him under this Act he shall be entitled to nominate two of the directors of the Company, and in the event of such agreement being made it shall be lawful for the Minister to nominate directors of the Company in accordance therewith. |
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| Sale of share capital acquired under this Act. |
5.—(1) The Minister may at any time or times as and when he thinks fit sell all or any of the share capital of the Company acquired by him under this Act. |
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(2) The proceeds of every sale under this section of the said share capital or any part thereof shall be paid into the Exchequer. |
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| Short title. |
6.—This Act may be cited as the Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926 . |
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