Gas Act 1976
F22[Exercise of powers by Ministers in respect of capital stock
7C. (1) Subject to the provisions of this Act, the majority-shareholding Minister, the Minister and the Minister for Public Expenditure and Reform may each, in respect of the capital stock held by him or her, exercise all the rights or powers of a holder of such capital stock and, where such right or power is exercisable by attorney, exercise it by his or her attorney.
(2) The Minister and the Minister for Public Expenditure and Reform, in respect of the capital stock held by each of them, shall not directly or indirectly exercise control over the Board in carrying out its functions under section 8 and in particular shall not be entitled to appoint a member of the Board or to exercise voting rights in respect of the Board.
(3) The majority-shareholding Minister, the Minister and the Minister for Public Expenditure and Reform shall not sell, exchange, surrender or otherwise dispose of all or any of the capital stock held by him or her under section 7B without the prior consent of the Government.]
Annotations:
Amendments:
F22
Substituted (23.11.2015) by Gas Regulation Act 2013 (39/2013), s. 32(d), S.I. No. 520 of 2015.
Editorial Notes:
E15
Previous affecting provision: functions transferred and references to “Department of Finance” and “Minister for Finance” construed (29.07.2011) by Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 (S.I. No. 418 of 2011), arts. 2, 3, 5 and sch. 1 part 2, in effect as per art. 1(2), subject to transitional provisions in arts. 6-9; section substituted (23.11.2015) as per F-note above.
E16
Previous affecting previous: section inserted (24.12.2006) by Energy (Miscellaneous Provisions) Act 2006 (40/2006), s. 16, commenced on enactment; section substituted (23.11.2015) as per F-note above.