Youth Employment Agency Act, 1981

Name and capital of Agency.

3.—(1) Notwithstanding the provisions of section 6 of the Companies Act, 1963 , the name of the Agency shall be the Youth Employment Agency.

(2) The share capital of the Agency shall be £100 divided into fully paid shares of £1 each and, notwithstanding anything contained in the Companies Acts, it shall not be lawful for the Agency without the consent of the Minister and the Minister for Finance to increase or reduce that capital or to issue debentures.

(3) One share in the share capital of the Agency shall be allotted and issued to each of the subscribers to the memorandum of association of the Agency and the residue of the said share capital shall be allotted and issued to the Minister.

(4) The money payable by the subscribers to the memorandum of association of the Agency, and the Minister respectively as consideration for the allotment and issue to them of shares in the share capital of the Agency in pursuance of subsection (3) of this section shall be paid out of and shall be charged on the Central Fund or the growing produce thereof.