Sustainable Energy Act, 2002
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Power to establish subsidiaries. |
7.—(1) The Authority may, with the consent of the Minister and the Minister for Finance, perform any of its functions through a subsidiary and, for the purpose of such performance, may acquire, form or establish one or more than one subsidiaries (within the meaning of section 155 of the Companies Act, 1963 ) and for that purpose may acquire, hold or dispose of shares or any other interest in a company or become a member of a company (within the meaning of the Companies Acts, 1963 to 2001). | |
(2) In relation to the exercise of its powers under subsection (1)— | ||
(a) the Board of the Authority shall ensure that the memorandum and articles of association of a subsidiary are in a form consistent with this Act, and that the prior approval of the Minister and the Minister for Finance are obtained in relation to such memorandum and articles, and any alterations to them, | ||
(b) the Minister may give a direction in writing to the Authority on any matter relating to a subsidiary, and the Authority shall comply or ensure compliance with any such direction, | ||
(c) the Minister shall not issue a direction to the Authority under paragraph (b) which relates to the disposal of any assets or surpluses of a subsidiary without the consent of the Minister for Finance, | ||
(d) the grades of staff and the number of staff of a subsidiary shall be determined by the Board of the Authority, with the consent of the Minister and the Minister for Finance, | ||
(e) the staff of any subsidiary shall hold office or employment subject to such terms and conditions as are approved by the Minister with the consent of the Minister for Finance. |