Industrial Alcohol Act, 1938
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Issue of shares to Minister for Finance in consideration of transfer of undertaking. |
11.—For the purpose of fixing and securing payment to the State of an amount to be paid by the Company as the consideration for the transfer (which will, by operation of Part IV of this Act, take effect on the appointed day) to the Company of the undertaking, the following provisions shall have effect, that is to say:— | |
(a) the Minister for Finance shall, as soon as may be after the appointed day, issue a certificate in writing certifying the sum (not to exceed the amount which was, before the appointed day, actually expended, for the purposes of the undertaking out of moneys provided by the Oireachtas, in the acquisition of any land, easement, profit a prendre, or other right, the construction of distilleries, rectifying plants, and other necessary works, and the purchase of machinery, plant, and equipment for such distilleries, rectifying plants, and other works) which, in his opinion, should be paid by the Company as the consideration for such transfer; | ||
(b) the Company shall, at the request of the Minister for Finance made at any time after the issue of such certificate, issue to the said Minister without payment by him fully paid up ordinary shares of the Company of an amount equal (in nominal value) to the sum so certified. |