Air Navigation and Transport Act, 1946

Increase of capital of the Company.

21.—(1) Notwithstanding anything to the contrary contained in the Principal Act, or the memorandum or articles of association of the Company, it shall be lawful for the Company to increase its capital to a total of £2,000,000 (two million pounds) divided into two million shares of one pound each, and for that purpose to make such alterations as may be requisite in its memorandum and articles of association and, in particular, to make such alterations in its memorandum and articles of association as may be necessary to authorise the directors to issue shares of one pound each ranking pari passu with the old shares.

(2) No issue of new shares shall be made unless the Minister for Finance, after consultation with the Minister, has authorised such issue.

(3) Section 112 of the Stamp Act, 1891, shall not operate so as to require the Company to deliver to the Revenue Commissioners any statement or to pay any stamp duty under that section in respect of the increase of the capital of the Company authorised by this section or in respect of the new shares.