State Airports (Shannon Group) Act 2014

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PART 5

Restructuring of Airport Companies

Cork Airport Authority

31. (1) In this section (other than subsections (7) and (9)) “Cork Airport Authority” means Cork Airport Authority, public limited company established under section 6(2) of the Act of 2004.

(2) Cork Airport Authority is dissolved on such day as the Minister may appoint by order.

(3) After the dissolution of Cork Airport Authority and the discharge of its liabilities (if any)—

(a) all monies remaining shall be paid into the Exchequer, and

(b) any assets remaining shall be disposed of as the Minister, with the consent of the Minister for Public Expenditure and Reform, directs.

(4) Following the dissolution of Cork Airport Authority a company shall not be formed and registered under the Companies Acts under that name save in accordance with this section.

(5) Upon the dissolution of Cork Airport Authority any arrangement entered into between Cork Airport Authority and Dublin Airport Authority under section 8(1) (a) of the Act of 2004 ceases.

(6) The Minister may, after consultation with the Minister for Public Expenditure and Reform, before the Cork appointed day, cause a public company limited by shares—

(a) to be formed and registered under the Companies Acts under and in accordance with the conditions laid down by this section and the Act of 2004, and

(b) on and from the Cork appointed day to have vested in it, manage, operate and develop Cork Airport.

(7) The name of the company to have vested in it, manage and operate Cork Airport, shall be in the English language, Cork Airport Authority, public limited company, or in the Irish language, Údarás Aerfort Chorcaí, cuideachta phoiblí theoranta.

(8) Section 6 of the Act of 2004 is amended—

(a) in subsection (2), by deleting paragraph (a), and

(b) in subsection (3), by deleting paragraph (a).

(9) A reference in the Act of 2004 to Cork Airport Authority is a reference to Cork Airport Authority formed and established under this section.

(10) The Act of 1998 is amended in section 10, by substituting for subsection (2) (inserted by paragraph (4) of the Schedule to the Act of 2004) the following:

(2) Cork Airport Authority, public limited company shall, as soon as may be, after the Cork appointed day under section 5 of the State Airports Act 2004 , issue to the Minister for Public Expenditure and Reform, without payment by him or her, such number of shares in the share capital of the company as shall be determined by that Minister of the Government on that day.”

(11) The Act of 2004 is amended in section 12, by substituting for subsections (4) and (5) the following:

“(4) Every person who is a member of the staff of daa working wholly or mainly in connection with Cork Airport immediately before the Cork appointed day shall, on that day, be transferred to and become a member of the staff of Cork Airport Authority.

(5) Every person who is a member of the staff of daa who is not working in connection with Dublin Airport, or immediately before the Cork appointed day, Cork Airport but whose work involves shared services in a State airport shall remain or be transferred to and become a member of the staff of the company which continues to provide the shared services or which is designated by the Minister to provide such services.”

(12) Subsections (3) to (11) have effect on the day appointed under subsection (2) .

(13) The following is substituted for section 10 of the Act of 2004—

“10. (1) The authorised share capital of Cork Airport Authority shall be such amount as may be determined from time to time by the Minister for Public Expenditure and Reform, after consultation with the Minister, divided into shares of €1 each.

(2) Cork Airport Authority may, with the consent of the Minister of Public Expenditure and Reform given after consultation with the Minister, divide shares into different classes and attach to those classes any rights, privileges or conditions.

(3) Cork Airport Authority shall issue 38,100 shares to the Minister for Public Expenditure and Reform and may, from time to time, thereafter issue to the Minister for Public Expenditure and Reform such number of shares as may be agreed upon by the Minister and the Minister for Public Expenditure and Reform.

(4) Cork Airport Authority shall issue one share to each of the subscribers to its memorandum of association who shall hold such shares in trust for and shall act in relation to such shares as may be directed by the Minister for Public Expenditure and Reform.

(5) Notwithstanding section 6(4), sections 9, 10 and 11 (as amended by the Schedule) of the Act of 1998 apply to Cork Airport Authority.”

(14) From the Cork appointed day a reference in any enactment or instrument made under an enactment to Aer Rianta in respect of Cork Airport is to be read as a reference to Cork Airport Authority.

(15) Before the Cork appointed day a reference in any enactment or instrument made under an enactment to Aer Rianta in respect of Cork Airport is to be read as a reference to daa.