Irish Aviation Authority Act 1993

Obligation of certain shareholders to hold shares in trust.

24

24. (1) A member of the company to whom a share in the share capital of the company is issued under section 21 or transferred under section 23 (1) or this section shall hold that share in trust for the Minister for Finance and shall accordingly be bound to pay all dividends and other money which he receives in respect of the share to the Minister for Finance for the benefit of the Exchequer and to transfer, as and when required by the Minister for Finance, the share to him or a person nominated in that behalf by him.

(2) Save when required pursuant to subsection (1), such member shall not transfer or alienate his share in the share capital of the company.

(3) Upon the death of a member of the company referred to in subsection (1), the share in the share capital of the company held by such member shall, without the necessity for a transfer, vest in the Minister for Finance.

Annotations

Modifications (not altering text):

C17

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,

...