National Development Corporation Act, 1986
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PART IV Miscellaneous | ||
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Subsidiaries and investment in enterprises other than subsidiaries. |
28.—(1) The Corporation may, with the consent of the Minister, given with the consent of the Minister for Finance, establish wholly or partly owned subsidiaries to assist in the achievement of its objects on such terms and conditions as it thinks fit. | |
(2) The Corporation shall not invest in an enterprise (other than an enterprise under subsection (1) or an enterprise referred to in section 10 (1) (e) and (f)) if, as a result of such investment the Corporation were— | ||
(a) to control the composition of the board of directors of that enterprise, | ||
(b) to hold more than half in nominal value of the share capital of that enterprise, | ||
(c) to hold more than half in nominal value of its shares carrying voting rights (other than voting rights which arise only in specified circumstances). | ||
(3) Notwithstanding the provisions of the Companies Acts, the memorandum and articles of association of any company established under subsection (1) shall be in such form as may be approved of by the Minister with the consent of the Minister for Finance. | ||
(4) The provisions of sections 12 , 19 , 22 , 23 , 24 , 25 , 26 , 27 , 29 (1), 30 , 31 and 33 shall apply to each subsidiary established under subsection (1) as the apply to the Corporation. |