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Amendment of section 5 of Principal Act
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9. Section 5 of the Principal Act is amended—
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(a) by the substitution of the following subsection for subsection (1):
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“(1) The company formed and registered under the Companies Acts in accordance with section 4, known in the Irish language as Uisce Éireann and in the English language as Irish Water, shall be known, on and from the day immediately before the appointed day, only as its name in the Irish language, Uisce Éireann.”,
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(b) by the insertion of the following subsections after subsection (1):
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“(1A) Uisce Éireann is the national authority for water services with responsibility for the functions assigned to it by or under the Water Services Acts 2007 to 2022.
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(1B) Subsections (1) to (3) of section 969 of the Act of 2014 shall not apply to Uisce Éireann.”,
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(c) by the deletion of subsection (2),
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(d) in subsection (3)—
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(i) by the substitution of “constitution” for “memorandum of association”, and
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(ii) by the deletion of “the Minister for Finance and”,
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(e) by the insertion of the following subsections after subsection (3):
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“(3A) On the appointed day, Uisce Éireann shall issue—
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(a) one share to the Minister, and
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(b) 99 shares to the Minister for Public Expenditure and Reform.
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(3B) Uisce Éireann may, from time to time, with the prior consent of the Minister, issue to that Minister or to the Minister for Public Expenditure and Reform such number of shares as may be agreed upon, and are subscribed for, by that Minister of the Government.
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(3C) No consideration shall be payable by the Minister or the Minister for Public Expenditure and Reform in respect of shares issued under subsection (3A).
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(3D) The whole of the issued share capital of Uisce Éireann shall be held by the Minister and the Minister for Public Expenditure and Reform.
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(3E) Subject to subsection (3F), the Minister and the Minister for Public Expenditure and Reform, may, in respect of the shares in Uisce Éireann for the time being held by either of them, exercise all or any of the rights and powers from time to time exercisable by the holder of such shares.
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(3F) The Minister or the Minister for Public Expenditure and Reform shall not alienate the shares issued to him or her under subsections (3A) or (3B), as the case may be.”,
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and
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(f) by the deletion of subsections (4), (5) and (6).
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