Turf Development Act, 1998
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Obligation of certain shareholders to hold shares in trust. |
14.—(1) A member of the Company to whom a share is issued under section 13 or transferred under section 16 (2) shall hold that share in trust for the Minister for Finance and shall accordingly be bound to pay all dividends and other money which he or she receives in respect of the share to the Minister for Finance for the benefit of the Exchequer and to transfer the share, as and when required by the Minister for Finance, to him or her or a person nominated in that behalf by him or her. | |
(2) Save when required pursuant to subsection (1), such member as aforesaid shall not transfer or alienate his or her share. | ||
(3) Upon the death of a member of the Company referred to in subsection (1), the share held by such member shall, without the necessity for a transfer, vest in the Minister for Finance. |