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Amendment of section 17 of Act of 1996 (articles of association)
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38. The following is substituted for section 17 of the Act of 1996:
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“17. (1) The articles of association of a company shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Public Expenditure and Reform.
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(2) The articles of association of a company shall provide that—
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(a) the company shall consult with any recognised trade union or staff association concerned for the purposes of negotiations in relation to pay and conditions of service of members of its staff,
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(b) the company shall not establish or acquire a subsidiary without the approval of the Minister given with the consent of the Minister for Public Expenditure and Reform,
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(c) the aggregate amount standing invested (whether by the purchase of shares or the provision of loans or guarantees of loans) by the company in undertakings (other than subsidiaries) shall not exceed €1,250,000, without the approval of the Minister given with the consent of the Minister for Finance.
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(3) (a) Subject to paragraph (b), a harbour master may attend formal meetings of directors of the company by whom he or she is employed and may, if the directors, in their discretion, permit him or her to do so, take part in the deliberations by those directors of any matter arising at such a meeting.
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(b) The directors of a company may, where they are of the opinion that the attendance by the harbour master at a particular meeting aforesaid or at a part of such a meeting would not be in the best interests of the proper and orderly conduct by them of business at that meeting or the administration of the company’s affairs generally, require the harbour master not to exercise his or her right to attend that meeting or a specified part of that meeting and the harbour master shall comply with such a requirement.
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(c) Nothing in this subsection shall be construed as conferring on a harbour master a right to cast a vote in respect of any matter arising at a meeting aforesaid.”.
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