State Airports (Shannon Group) Act 2014

Transfer of equity holdings

40. (1) All shares of whatever class in each of the companies specified in Schedule 2 that, immediately before the Shannon Commercial Enterprises transfer day, vested in Shannon Development, shall upon that day stand vested in Enterprise Ireland.

(2) Enterprise Ireland shall, as soon as practicable after the Shannon Commercial Enterprises transfer day, notify each of the companies specified in Schedule 2 of the vesting in Enterprise Ireland of shares in the company concerned by virtue of subsection (1) and particulars of such vesting shall be entered by that company in any register required to be maintained by the company in respect of the shares.

(3) This section shall apply to each of the companies specified in Schedule 2 notwithstanding any restriction in its memorandum of association or articles of association or any other instrument relating to the vesting or transfer of shares in the company concerned.

(4) All rights and liabilities of Shannon Commercial Enterprises arising by virtue of any contract in force immediately before the Shannon Commercial Enterprises transfer day and relating to any shares transferred by virtue of this section shall upon that day stand transferred to Enterprise Ireland.

(5) Every right and liability transferred by this section to Enterprise Ireland may be sued on, recovered or enforced by or against Enterprise Ireland in its own name and it shall not be necessary for Enterprise Ireland to give notice to any person of the transfer of any right or liability by this section.