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Issue of shares by company to Minister for Finance.
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10.—(1) The Minister shall by order appoint a day to be the vesting day for the purposes of this Act as soon as practicable following the commencement of this Act.
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(2) The company shall, as soon as may be after the vesting day, in consideration of—
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(a) the surrender to the company by the Minister for Finance of all shares held by him or her in the share capital of the company, and
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(b) the surrender to the company by the Minister for Finance and the persons who hold shares in trust for him or her in the share capital of the company, of all shares held in trust for the Minister for Finance in the share capital of the company,
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issue to the Minister for Finance, without payment by him or her, such number of fully paid-up shares in the share capital of the company as are equal in nominal value to the value of the assets of the company less the liabilities of the company specified in the balance sheet of the company on the vesting day.
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(3) The Minister for Finance may, subject to this Act, exercise in respect of the shares of the company held by him or her all of the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his or her attorney.
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(4) The Minister for Finance may, from time to time as occasion requires, for the purpose of compliance with so much of the Companies Acts as requires that there shall always be a minimum number of members of the company, transfer to any person one of his or her shares in the share capital of the company.
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