INDUSTRIAL TRUST COMPANY OF IRELAND LIMITED (ACQUISITION OF CAPITAL) ACT, 1926

Type Act

Publication 1926-03-05

Last updated 2016-12-26

State Repealed superseded text

Text As published

Source Irish Statute Book

articles 6

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

1 amending act · 2016-12-26, STATUTE LAW REVISION ACT 2016

Reform history JSON API

AN ACT TO PROVIDE FOR THE ACQUISITION BY THE MINISTER FOR FINANCE OF SHARE CAPITAL OF THE INDUSTRIAL TRUST COMPANY OF IRELAND LIMITED AND FOR OTHER PURPOSES CONNECTED THEREWITH. [5th March, 1926.]

BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

1 Definitions.

1.—In this Act—

the expression “the Minister” means the Minister for Finance;

the expression “the Company” means the Industrial Trust Company of Ireland Limited.

2.—The Minister shall, as and when he thinks fit, issue out of the Central Fund or the growing produce thereof such sums not exceeding in whole the sum of fifty thousand pounds as may be required for the acquisition by him of share capital of the Company.

3 Payment of dividends, etc., into Exchequer.

3.—All dividends, bonuses, and other moneys received by the Minister in respect of share capital of the Company acquired by him under this Act shall be paid into the Exchequer.

4 Powers of Minister as shareholder.

4.—(1) The Minister may, so long as he holds any of the share capital of the Company acquired by him under this Act, exercise all or any of the rights and powers from time to time exercisable by the holder of such share capital, and where any of such rights or powers are exercisable by attorney the Minister may if he so thinks proper exercise such rights or powers by his attorney.

(2) The Minister may agree with the Company that so long as he holds any of the share capital of the Company acquired by him under this Act he shall be entitled to nominate two of the directors of the Company, and in the event of such agreement being made it shall be lawful for the Minister to nominate directors of the Company in accordance therewith.

5.—(1) The Minister may at any time or times as and when he thinks fit sell all or any of the share capital of the Company acquired by him under this Act.

(2) The proceeds of every sale under this section of the said share capital or any part thereof shall be paid into the Exchequer.

6 Short title.

6.—This Act may be cited as the Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926.

This document does not substitute the official text published in the Irish Statute Book. We accept no responsibility for any inaccuracies arising from the transcription of the original into this format.

This text is published under Irish Statute Book's own terms of reuse, not a Legalize or public-domain licence. Irish Statute Book
CC-BY 4.0 (Oireachtas Open Data PSI Licence)
Contains Irish Public Sector Information licensed under the Oireachtas (Houses of the Oireachtas) Open Data PSI Licence / Creative Commons Attribution 4.0 International, sourced from https://www.irishstatutebook.ie.