Air Navigation and Transport (Amendment) Act, 1998

Obligation of certain shareholders to hold shares in trust.

11.—(1) A person to whom a share in the share capital of the company is transferred under section 10 (4) shall hold that share in the company in trust for the Minister for Finance and transfer, as and when required by the Minister for Finance, the share to the said Minister or to a person nominated in that behalf by the said Minister, but shall not transfer or alienate his or her share in the share capital of the company other than in accordance with this subsection.

(2) Where a member of the company dies or otherwise ceases to be a member of the company, the share in the share capital of the company held by such member shall, without the necessity of a transfer, vest in the Minister for Finance.