Water Services Act 2013

5.

Name and share capital of subsidiary.

5.— (1) The subsidiary shall be known, in the Irish language, as Uisce Éireann and, in the English language, as Irish Water.

(2) Paragraph (b) of subsection (1) of section 6 (inserted by section 3 of, and the First Schedule to, the Companies (Amendment) Act 1983) of the Act of 1963 shall not apply to the subsidiary.

(3) The memorandum of association of the subsidiary shall not specify an authorised share capital that differs from such amount as may be determined by the Minister, with the consent of the Minister for Finance and the Minister for Public Expenditure and Reform.

(4) One share in the company shall be issued to the Board, and, of the remaining shares in the company, half shall be issued to the Minister and half shall be issued to the Minister for Finance.

(5) No voting rights in the company shall attach to any of the shares issued to the Minister or the Minister for Finance in accordance with subsection (4).

F1[(6) (a) The Board shall not alienate the share issued to it in accordance with subsection (4).

(b) The Minister shall not alienate the shares issued to him or her in accordance with subsection (4).

(c) The Minister for Finance shall not alienate the shares issued to him or her in accordance with subsection (4).]

Annotations

Amendments:

F1

Substituted (1.01.2014) by Water Services (No. 2) Act 2013 (50/2013), s. 46(a), S.I. No. 575 of 2013.