Air Companies Act, 1966

Transfer of shares held by Aer Rianta and reduction of its share capital.

2.—Notwithstanding anything contained in the Companies Act, 1963 , or the memorandum or articles of association of Aer Rianta, on the commencement of this Act—

(a) the shares of Aer Lingus and Aerlinte held by Aer Rianta immediately before such commencement shall stand transferred to the Minister for Finance,

(b) the ordinary shares and mortgage debenture stock of Irish and Intercontinental Hotels, Limited, held by Aer Rianta immediately before such commencement shall stand transferred to Aerlinte, and Aerlinte shall issue to the Minister for Finance, and that Minister may take up without payment therefor, two hundred and eighty-four thousand, three hundred and seven shares of one pound each of Aerlinte, and

(c) the share capital of Aer Rianta shall stand reduced to sixty thousand pounds divided into sixty thousand shares of one pound each and the number of shares of the company held by the Minister for Finance shall stand reduced to fifty-one thousand, two hundred and sixty-one.