Sugar Act, 1991

Acquisition and disposal of shares in Holding Company.

2.—(1) It shall be lawful for the Minister following consultation with the Minister for Agriculture and Food—

(a) to exchange any shares of the Company for the time being vested in him or his nominees for shares in the Holding Company, and

(b) to acquire, from time to time, by subscription, purchase, capitalisation issue or otherwise any share or shares in the Holding Company.

(2) It shall be lawful for the Minister for Agriculture and Food to acquire by subscription, purchase, capitalisation issue or otherwise and to hold upon, and subject to, the Memorandum and Articles of Association of the Holding Company, a special share which shall be issued by the Holding Company.

(3) The Minister, or his nominees, may hold for as long as he thinks fit shares in the Holding Company for the time being vested in him or his nominees and may, from time to time, if he considers it appropriate to do so following consultation with the Minister for Agriculture and Food, sell, exchange or dispose of, whether by redemption or otherwise, on such terms and conditions, including preferential terms and conditions, as he thinks fit, all or any of such shares.

(4) All sums from time to time required by the Minister or the Minister for Agriculture and Food for the acquisition by them of shares in the Holding Company shall be advanced out of the Central Fund or the growing produce thereof.

(5) All dividends and other moneys received by the Minister in respect of shares in the Holding Company and all sums paid to him in consideration of the sale or disposal of any such shares, shall be paid into or disposed of for the benefit of the Exchequer.

(6) If the Minister disposes of any shares in the Holding Company, for a consideration other than cash, then the proceeds of such disposition shall be held in trust for the benefit of the Exchequer until he realises the proceeds of that disposal and the proceeds so realised shall be paid into or disposed of for the benefit of the Exchequer.

(7) The Minister, following consultation with the Minister for Agriculture and Food, may sell or dispose of shares held by him in the Holding Company on prescribed terms and conditions to such specified persons as he may prescribe.

(8) The Minister may prescribe different terms and conditions for different classes of specified persons and may prescribe conditions as to consideration including conditions concerning sale or disposal for no consideration or for consideration less than the market value of the said shares at the time of their sale or disposal.

(9) The Minister for Agriculture and Food shall not dispose of the special share referred to in subsection (2) of this section.

(10) In this section—

“prescribed” means prescribed by regulations under this section and “prescribe” shall be construed in like manner;

“specified persons” means employees or former employees of the Company and beet growers.