State Airports Act 2004
Formation of subsidiaries.
14. —(1) A company may, either by itself or with other persons, with the consent of the Minister and the Minister for Finance, and subject to any conditions of either of those Ministers, promote, take part in the formation of or acquire a shareholding in any company (wherever incorporated) including a subsidiary.
(2) A company may exercise total or partial control of the board of directors, by whatever name called, of a subsidiary of it, that controls and manages the subsidiary.
(3) The memorandum and articles of association of a subsidiary of a company shall be in such form consistent with this Act and the Act of 1998 as may be approved of by the company.
(4) Notwithstanding subsection (3) or section 23 of the Act of 1998 (as amended by paragraph 10 of the Schedule) a subsidiary of a company may, for not more than the period of 12 months from it becoming a subsidiary of the company or such further period as the Minister may approve, carry on any activity which would otherwise be inconsistent with those provisions. The subsidiary shall, after that period, divest itself of and cease such activity.
(5) A subsidiary of a company shall make such reports to the company as it may require.
(6) A subsidiary of a company may enter into joint ventures with other persons.
F11[(7) In this section ‘company’ means daa or Cork Airport Authority, as the case may be.]
Annotations:
Amendments:
F11
Inserted (27.07.2014) by State Airports (Shannon Group) Act 2014 (27/2014), s. 33(1)(e), commenced on enactment.
Modifications (not altering text):
C8
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.
2. (1) The administration and business in connection with the performance of any functions transferred by this Order are transferred to the Department of Public Expenditure and Reform.
(2) References to the Department of Finance contained in any Act or instrument made thereunder and relating to the administration and business transferred by paragraph (1) shall, on and after the commencement of this Order, be construed as references to the Department of Public Expenditure and Reform.
3. The functions conferred on the Minister for Finance by or under the provisions of —
(a) the enactments specified in Schedule 1, and
(b) the statutory instruments specified in Schedule 2,
are transferred to the Minister for Public Expenditure and Reform.
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5. References to the Minister for Finance contained in any Act or instrument under an Act and relating to any functions transferred by this Order shall, from the commencement of this Order, be construed as references to the Minister for Public Expenditure and Reform.
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Schedule 1
Enactments
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Part 2
1922 to 2011 Enactments
|
Number and Year |
Short Title |
Provision |
|
(1) |
(2) |
(3) |
|
... |
... |
... |
|
No. 32 of 2004 |
State Airports Act 2004 |
Sections 5 to 9 and 14 |
|
... |
... |
... |