Air Navigation and Transport Act, 1946


26.—Paragraph 4 of the Second Schedule to the Principal Act is hereby amended by the substitution of the following subparagraphs for subparagraphs (a) and (b), that is to say:—

“(a) the number of the directors of the Company shall be not more than seven nor less than three,

(b) so long as the Minister for Finance holds not less than one-tenth (in nominal value) of the issued shares of the Company or so long as any debentures of the Company guaranteed by the said Minister under this Act are outstanding, a majority of the directors of the Company shall be nominated by the said Minister after consultation with the Minister for Industry and Commerce.”