Forestry Act, 1988

Obligation of certain shareholders to hold shares in trust.

22.—(1) A member of the company to whom a share in the company is issued under section 19 or transferred under section 21 (1) shall hold that share in the company in trust for the Minister for Finance and shall accordingly be bound to pay all dividends and other money which he receives in respect of the share to the said Minister for the benefit of the Exchequer and to transfer, as and when required by the said Minister, the share to that Minister or a person nominated in that behalf by that Minister.

(2) Save when required pursuant to subsection (1), such member shall not transfer or alienate his share.

(3) Upon the death of a member of the company referred to in subsection (1), the share held by such member shall, without the necessity for a transfer, vest in the Minister for Finance.