Postal and Telecommunications Services Act, 1983
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Issue of shares to the Minister in consideration of transfer of property. |
18.—(1) The postal company shall issue shares to the Minister to the value of the property transferred to it on the vesting day in accordance with sections 40 and 41 . | |
(2) The telecommunications company shall issue shares to the Minister to the value of the property transferred to it on the vesting day in accordance with sections 40 and 41 , less the amount by which sums issued by the Minister for Finance under the Telecommunications Capital Acts, 1924 to 1981, which have not been repaid before that day exceed the sum of £355,000,000 plus the amount of the outstanding liability of the Minister to Irish Telecommunications Investments Limited immediately before the vesting day. | ||
(3) The Minister, with the consent of the Minister for Finance and following consultation with the company concerned, shall issue as soon as possible after the vesting day a certificate certifying the sum which in his opinion represents the value of the property transferred to the company. | ||
(4) Each company, after receipt of the certificate, shall issue to the Minister without payment by him fully paid-up shares of the company equal in nominal value to the sum so certified in respect of that company subject, in the case of the telecommunications company, to the adjustment of that sum as provided in subsection (2). |