Air Companies (Amendment) Act, 1993

Acquisition of shares in Holding Company, etc.

3.—(1) All the shares of the Minister for Finance in the existing companies, including shares to which subsection (3) relates, shall be exchanged for shares in the Holding Company and that Minister shall take no further shares in either of the existing companies.

(2) Notwithstanding anything contained in the Companies Acts, all the shares held by Aerlínte Éireann public limited company in Aer Lingus public limited company shall be exchanged for shares in the Holding Company, which shares shall then be redeemed by the Holding Company.

(3) (a) Notwithstanding anything contained in the Companies Acts, the share held by every director in each existing company shall, without the necessity of transfer, vest in the Minister for Finance upon payment by that Minister of the nominal value of each such share to the appropriate director, former director or legal representative of the former director, as the case may be.

(b) Notwithstanding the construction of “air company” (inserted by this Act) in section 1 of the Principal Act, section 6 of that Act shall be construed as not applying to the Holding Company.