Gas Act 1976

F24[Arrangements relating to rights and obligations relating to capital stock.


7E. F25[(1) The Board may make a scheme (in this section referred to as a "capital stock scheme") as respects

(a) the terms and conditions relating to the creation of capital stock, and

(b) the rights and obligations attaching to the capital stock,

and any such capital stock scheme shall be subject to the prior written consent of the majority-shareholding Minister given (where the majority-shareholding Minister is not the Minister for Finance, with the approval of the Minister for Finance) having consulted with the Minister, the Minister for Public Expenditure and Reform and any other Minister of the Government who, in the opinion of the majority- shareholding Minister having regard to the functions of that other Minister, ought to be consulted.]

(2) Without prejudice to the generality of subsection (1), a capital stock scheme made under subsection (1) may include provisions relating to dividends, voting rights, Board representation and the limitation of the transfer or alienation of beneficial ownership in capital stock.

(3) Every capital stock scheme made pursuant to this section shall be laid before each House of the Oireachtas as soon as may be after it has been made and, if a resolution annulling the capital stock scheme is passed by either such house within the next 21 days on which that House has sat after the scheme is laid before it, the capital stock scheme shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.]




Inserted (24.12.2006) by Energy (Miscellaneous Provisions) Act 2006 (40/2006), s. 16, commenced on enactment.


Substituted (23.11.2015) by Gas Regulation Act 2013 (39/2013), s. 32(e), S.I. No. 520 of 2015.

Editorial Notes:


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; subsection substituted as per F-note above.