Irish Aviation Authority Act 1993

Issue of shares, and creation of debt due, to Minister for Finance in consideration of transfer of property.

19

19. (1) The company shall issue to the Minister for Finance on the vesting day such number of shares in the share capital of the company as may be agreed upon by the Minister and the Minister for Finance and may from time to time thereafter issue to the Minister for Finance such number of shares of the company as may be so agreed upon.

(2) The Minister shall, with the consent of the Minister for Finance, issue to the company on or before the vesting day a certificate stating the amount which in the opinion of the Minister represents the value of the property to be transferred to the company pursuant to sections 77 , 78 and 79 on the vesting day.

(3) On the vesting day an amount equal to the value of the property aforesaid less the nominal value of the shares of the company issued to the Minister for Finance under subsection (1) on the vesting day shall become and be a debt due by the company to the Minister for Finance and the debt shall be subject to such terms and conditions (including terms and conditions in relation to its repayment and payment of interest thereon) as may be determined by the Minister for Finance.

(4) If property is transferred to the company under section 77 after the vesting day, the Minister shall, with the consent of the Minister for Finance, issue as soon as may be to the company a certificate stating the amount which in his opinion represents the value of the property and, upon such issue, an amount equal to the amount aforesaid shall become and be a debt due by the company to the Minister for Finance and the debt shall be subject to such terms and conditions (including terms and conditions in relation to its repayment and payment of interest thereon) as may be determined by the Minister for Finance.

Annotations

Modifications (not altering text):

C14

Provision for transfer of shares issued to Minister for Finance under Act to Minister for Public Expenditure and Reform made and provision for references to the Minister for Finance to be construed as references to the Minister Public Expenditure and Reform made (4.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), s. 16(4), commenced on enactment.

Transfer of property, etc. to Minister.

16.—  ...

(4) ( a) Any shares or stock issued to the Minister for Finance by a public service body and registered in his or her name or held in trust on his or her behalf by any person, in accordance with a relevant enactment, shall on the appointed day, stand transferred to the Minister or be held in trust on behalf of the Minister, as may be appropriate, and from that day references in a relevant enactment to the Minister for Finance shall be construed as references to the Minister.

( b) This subsection shall apply notwithstanding any restriction contained in any enactment in relation to the transfer or alienation of shares or stock to which a relevant enactment applies.

( c) In this subsection—

“Act of 2004” means the State Airports Act 2004 ;

“relevant enactment” means— ...

(vi) section 19 or 24 of the Act of 1993,

...