|First||Previous (IRISH STEEL HOLDINGS LIMITED ACT, 1960)|
IRISH STEEL HOLDINGS LIMITED ACT, 1960
Provisions having effect so long as the Minister for Finance holds any shares of the Company or any moneys borrowed by the Company the due repayment of which is guaranteed by the Minister have not been repaid or any moneys paid by the Minister under a guarantee have not been repaid to him by or recovered by him from the Company.
Restriction on alteration of memorandum and articles of association.
1. Notwithstanding anything contained in the Companies Acts or in the memorandum or articles of association of the Company, an alteration in the said memorandum or articles shall not be valid or effectual unless made with the previous approval of the Minister given after consultation with the Minister for Finance.
Restriction on issue of shares.
2. An issue of shares of the Company shall not be made unless the Minister for Finance, after consultation with the Minister, has authorised the issue.
Vesting in Minister for Finance upon director's death, etc., of share held by such director.
3. Upon the retirement or death of a director of the Company or upon the office of a director becoming vacated in accordance with the articles of association of the Company, the share held by such director shall, without the necessity of a transfer, vest in the Minister for Finance upon payment by the said Minister of the par value of such share to such former director or his legal personal representative.
Obligation to furnish balance sheets, etc., to the Minister.
4. (1) The Company shall as soon as may be after the end of every accounting year furnish to the Minister—
(a) a balance sheet as at the end of such accounting year duly audited by the auditor of the Company;
(b) a profit and loss account for the same accounting year similarly audited; and
(c) a copy of the report of the directors to the shareholders for such accounting year.
(2) The balance sheet and profit and loss account to be furnished pursuant to subparagraph (1) of this paragraph shall be drawn up in such manner as the Minister, after consultation with the Minister for Finance, shall direct.
(3) A copy of every balance sheet, profit and loss account and report furnished to the Minister pursuant to subparagraph (1) of this paragraph shall be laid by him before each House of the Oireachtas as soon as may be after such balance sheet, profit and loss account and report are so furnished to him.
(4) The Company shall, if so required by the Minister, furnish to him such information as he may require in respect of any balance sheet, profit and loss account or report, or in relation to the policy and operations of the Company.
Membership of either House of the Oireachtas by directors, officers or servants of the Company.
5. (1) Where a director of the Company is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a director of the Company.
(2) Where a person who is either an officer or a servant in the employment of the Company becomes a member of either House of the Oireachtas—
(a) he shall, during the period commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from such employment or upon the termination of such employment by the Company, stand seconded from such employment,
(b) he shall not be paid by, or entitled to receive from, the Company any salary or wages, as the case may be, in respect of that period.
(3) If a person who is or was an officer or servant of the Company becomes entitled to a pension under the Ministerial and Parliamentary Offices Acts, 1938 to 1960, he shall not be entitled to reckon the whole or any part of his period of pensionable service, within the meaning of those Acts, for any superannuation benefits payable under a scheme made, either before or after the passing of this Act, by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company.
(4) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall, while so entitled, be disqualified from becoming a director of the Company or an officer or servant of the Company.