BULA LIMITED (ACQUISITION OF SHARES) ACT, 1977

AN ACT TO AUTHORISE THE MINISTER FOR INDUSTRY AND COMMERCE TO ACQUIRE SHARES IN BULA LIMITED AND TO PROVIDE FOR MATTERS CONNECTED THEREWITH AND CONSEQUENTIAL THERETO. [29th March, 1977]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1 Definitions.

1.—In this Act—

“the Agreement” means the agreement dated the 12th day of December, 1975, and made between Bula Holdings, Patrick Wright, Thomas Celestine Roche, Michael James Wymes, Richard Francis Wood and Thomas James Roche and the Minister;

“the Company” means Bula Limited;

“the Minister” means the Minister for Industry and Commerce.

2 Acquisition by Minister of shares of Company and subsequent transfer.

2.—(1) The Minister may acquire not less than forty-nine per cent. of the issued shares of the Company in accordance with the Agreement and for that purpose may expend sums not exceeding in the aggregate £9,540,000.

• (2) As soon as may be after the acquisition authorised by subsection (1) of this section, the shares of the Company so acquired shall be transferred to, and registered in the name of, the Minister for Finance.

• (3) Notwithstanding anything in subsection (2) of this section or anything done under that subsection, any right or power referred to in the Agreement as being vested in the Minister shall continue to be exercisable by him.

3 Exercise by a Minister of rights and powers as holder of shares of Company.

3.—(1) Subject to subsection (2) of this section, the Minister or the Minister for Finance may exercise, in respect of shares of the Company held by him, all the rights and powers of a holder of such shares and, where such a right or power is exercisable by attorney, may exercise it by his attorney.

• (2) In relation to any matter which affects a function or responsibility of the Minister for Finance, a right or power referred to in subsection (1) of this section or referred to in the Agreement as being vested in the Minister shall not be exercised by the Minister until he has consulted the Minister for Finance.

4 Transfer of shares of Company held by a Minister to a nominee.

4.—(1) The Minister or the Minister for Finance may transfer to a person (in this section referred to as “the nominee”) nominated by him shares of the Company held by him under this Act, and shares transferred to the nominee shall be held by him on behalf of such Minister.

• (2) Where shares of the Company held under this Act by a Minister of State are transferred under subsection (1) of this section, the nominee shall hold in trust for that Minister the shares of the Company standing in the nominee's name and shall, in relation to the disposal of those shares and the exercise of his rights and powers as nominee, act in accordance with such directions in writing as that Minister may from time to time give.

• (3) The Minister for Finance may, after consultation with the Minister, sell, transfer or otherwise dispose of any shares of the Company held by him under this Act.

5 Provision of moneys out of Central Fund.

5.—All moneys required from time to time for the acquisition under this Act and pursuant to the Agreement of shares of the Company shall be advanced out of the Central Fund or the growing produce thereof.

6 Payment of dividends etc. into Exchequer.

6.—All dividends and other moneys received by the Minister for Finance in respect of the ownership of shares of the Company or in respect of the disposal of such shares, whether the shares are held by him or by a nominee under section 4 of this Act, shall be paid into or disposed of for the benefit of the Exchequer.

7 Expenses of Minister.

7.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

8 Short title.

8.—This Act may be cited as the Bula Limited (Acquisition of Shares) Act, 1977.