Air Companies Act, 1966

Transfer of £700,000 from Aer Rianta to Aer Lingus and issue of shares of Aer Lingus to value of £700,000 to Minister for Finance.

3.—As soon as may be after the commencement of this Act Aer Rianta shall transfer to Aer Lingus the sum of seven hundred thousand pounds advanced to Aer Rianta by the Minister for Finance upon the 12th day of May, 1965, and upon such transfer—

(a) subsection (3) of section 3 and sections 5 and 6 of the Air Navigation and Transport Act, 1961 , shall stand repealed and shall be deemed never to have applied in relation to the said sum of seven hundred thousand pounds, and

(b) in addition to the shares of Aer Lingus transferred to the Minister for Finance by section 2 of this Act, Aer Lingus shall issue to the Minister for Finance and that Minister may take up without payment therefor any class or classes of shares of Aer Lingus to the nominal value of seven hundred thousand pounds.