Industrial Development Act, 1995

Establishment of subsidiaries.

5.—(1) An industrial development body may, without prejudice to its general responsibilities under this Act, perform any of its functions, provide any of its services or carry on any of its activities through a subsidiary (within the meaning of the Companies Act, 1963 ) which is wholly owned by that body and, accordingly, that body may, with the consent of the Minister and the Minister for Finance, for the purpose of such performance, provision or carrying on, form and register such a subsidiary.

(2) The memorandum and articles of association of a subsidiary referred to in this section shall be in such form as may be determined by the industrial development body concerned, with the consent of the Minister and the Minister for Finance.

(3) (a) The Minister may give an industrial development body such policy directives as he considers appropriate in relation to any policy, programme or activity of a subsidiary and the body concerned shall comply or, as may be appropriate, secure compliance with the directive.

(b) A directive under paragraph (a) shall not apply to any particular undertaking or person.

(4) A directive under subsection (3) in relation to the disposal of any assets or profits of a subsidiary shall not be given without the consent of the Minister for Finance.

(5) In this section, “industrial development body” means Forfás or either Agency.