Insurance Act, 1936

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Underwriting of and subscription for shares of amalgamated companies by Minister for Finance.

36.—(1) Subject to the provisions of this section, the Minister for Finance may—

(a) subject to such conditions as he may think fit, agree with any amalgamated company that, if any shares in such company about to be offered to the public for subscription are not, within a specified time, taken up by the public, he will take up and pay for such shares or some specified proportion thereof, and

(b) from time to time acquire by subscription any shares (of any class or description) of an amalgamated company.

(2).—The aggregate amount of all shares taken up or acquired by the Minister under this section shall not exceed five hundred thousand pounds in nominal value.