Postal and Telecommunications Services Act, 1983
|
Names and capital formation of companies. |
10.—(1) The names of the companies shall be, respectively— | |
(a) An Post or, in the English language, The Post Office, and | ||
(b) Bord Telecom Éireann or, in the English language, The Irish Telecommunications Board. | ||
(2) Each company shall be exempt from the requirement of section 6 (1) (a) of the Companies Act, 1963 , to include the word “limited” or “teoranta” in its title. | ||
(3) (a) Subject to paragraph (c), the authorised share capital of An Post shall be an amount not exceeding the total of the following— | ||
(i) the value of the property to be transferred to the company on the vesting day under sections 40 and 41 , | ||
(ii) the amount of money which may be made available to the company under section 29 (1) to finance capital works, and | ||
(iii) the amount of working capital to be made available to the company under section 31 , | ||
divided into shares of one pound each. | ||
(b) Subject to paragraph (c), the authorised share capital of Bord Telecom Éireann shall be an amount not exceeding the total of the following— | ||
(i) the value of the property to be transferred to the company on the vesting day under sections 40 and 41 , less the amount by which sums issued by the Minister for Finance under the Telecommunications Capital Acts, 1924 to 1981, which have not been repaid before that day exceed the sum of £355,000,000 plus the amount of the outstanding liability of the Minister to Irish Telecommunications Investments Limited immediately before the vesting day, and | ||
(ii) the amount of working capital to be made available to the company under section 31 , | ||
divided into shares of one pound each. | ||
(c) The totals obtained under paragraphs (a) and (b) shall, if required, be rounded upwards to the nearest £500,000 or £1,000,000, as the case may be. | ||
(d) Each company may, with the consent of the Minister and the Minister for Finance, divide the shares in its share capital into several classes and attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions. |