National Development Corporation Act, 1986
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Name and capital of Corporation. |
8.—(1) The name of the Corporation established under section 6 shall be An Chorparáid Forbartha Náisiúnta Teoranta, or in the English language, the National Development Corporation Limited. | |
(2) The share capital of the Corporation shall be £300,000,000 divided into shares of £1 each and the Corporation shall have the power, with the consent of the Minister given with the consent of the Minister for Finance, to divide the shares in the capital of the Corporation into several classes and to attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions. | ||
(3) The Minister for Finance may, with the consent of the Minister, take up by subscription shares in the Corporation, having regard to the amount of capital investment proposed by the Corporation and the amount of capital available to the Corporation derived from its own funds. | ||
(4) The Minister for Finance may, from time to time as the occasion requires for the purposes of compliance with such provisions of the Companies Acts as require that there shall always be two members of a company, transfer to any person one of his shares in the Corporation. | ||
(5) One share in the share capital of the Corporation shall be allotted to each of the subscribers to the memorandum of association of the Corporation. | ||
(6) The cost of such shares shall be advanced to the subscribers out of the Central Fund or the growing produce thereof. | ||
(7) The shares referred to in subsection (5) shall be held by the subscribers to the memorandum of association in trust for the Minister for Finance and all dividends and other payments shall be paid to the said Minister for the benefit of the Exchequer and such shares may be transferred to a person nominated by him. |