Irish National Petroleum Corporation Limited Act, 2001
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Disposal and issue of shares in connection with trust. |
5.—(1) The Corporation may establish one or more than one employee share ownership trust (a “trust”) to which section 519 of the Taxes Consolidation Act, 1997 , relates, being a trust to acquire and hold shares, or shares in a holding company, for the benefit of employees of the Corporation or of a subsidiary. | |
(2) For the purposes of subsection (1), the Corporation may— | ||
(a) issue such number of new shares of such class or classes and upon and subject to such terms and conditions as it may determine, and | ||
(b) attach to any new shares any preferential, deferred, qualified or special rights, privileges, conditions or restrictions, | ||
in accordance with the Companies Acts, 1963 to 1999. | ||
(3) The Minister may, with the consent of the Minister for Finance, for the purposes of a trust and in such manner and upon and subject to such terms and conditions as the Minister may determine, sell or otherwise transfer to employees of the Corporation or a subsidiary, or to the trustees of a trust, shares held by him or her in the Corporation. | ||
(4) Section 60 of the Companies Act, 1963 , shall not apply to the provision, whether directly or indirectly, by— | ||
(a) the Corporation or a subsidiary, or | ||
(b) a holding company or another subsidiary of a holding company, | ||
of money or financial assistance (including a loan or guarantee or the provision of security or otherwise) at any time in connection with the acquisition (whether by purchase or exchange) of or subscription for shares, or shares in a holding company, being an acquisition of or subscription for such shares in accordance with a trust or the transfer to a trust of such shares, irrespective of whether or not all or a portion of such shares are pledged as security or otherwise to any third party. | ||
(5) Moneys received by the Minister in respect of the disposal of shares under this section by the Minister shall be paid into or disposed of for the benefit of the Exchequer. |