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Power to establish subsidiaries.
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14.—The Principal Act is amended by inserting after section 8 the following:
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“8A.—(1) The Board 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 subsidiary 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 2003).
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(2) The memorandum and articles of association of a subsidiary formed pursuant to this section, shall be in such form as may be determined by the Board, with the consent of the Minister and the Minister for Finance.
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(3) The Minister may give the Board such directions in writing as he or she considers appropriate in relation to any policy, programme or activity of a subsidiary and the Board shall comply or, as may be appropriate, secure compliance with any such direction.
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(4) A direction under subsection (3) which relates to the disposal of any assets or surpluses of a subsidiary shall not be given without the consent of the Minister for Finance.
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(5) The grades of staff and the number of staff of a subsidiary shall be determined by the Board, with the consent of the Minister and the Minister for Finance.
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(6) The staff of a 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.”.
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