Harbours Act, 1996
Issue of shares to Minister and Minister for Finance, etc. |
19.—(1) (a) 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 relevant vesting day, to a company a certificate certifying the sum which in the opinion of the Minister represents the value of the property transferred under section 96 to the company. | |
(b) A company shall, after receipt by it of a certificate as aforesaid, issue to the Minister, without payment by him or her, fully paid-up shares in the share capital of the company equal in nominal value to the sum certified in the certificate. | ||
(c) A company shall issue to the Minister for Finance one share of one pound in the share capital of the company. | ||
(d) The Minister for Finance may exercise in respect of his or her share in the share capital of a company all the rights and powers of a holder of such shares and, | ||
where a right or power is exercisable by attorney, exercise it by his or her attorney. | ||
(e) The cost of a share issued to the Minister for Finance as aforesaid shall be advanced to him or her out of the Central Fund or the growing produce thereof. | ||
(f) The Minister for Finance shall not transfer or alienate his or her share in the share capital of a company. | ||
(2) The Minister may, subject to this Act, exercise in respect of the shares of a company held by him or her all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his or her attorney. | ||
(3) (a) The Minister may, from time to time as occasion requires for the purposes of compliance with so much of the Companies Acts as requires that there shall always be a minimum number of members of a company, transfer to any person one of his or her shares in the share capital of a company. | ||
(b) Save as authorised by paragraph (a), the Minister shall not transfer or alienate his or her shares in the share capital of a company. |