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Postal and Telecommunications Services (Amendment) Act, 1999
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Amendment of section 9 of the Telecommunications (Miscellaneous Provisions) Act, 1996 .

9.—Section 9 of the Act of 1996 is hereby amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) Subject to subsection (2), the Minister with the consent of the Minister for Finance may enter into one or more agreements in connection with the sale or issue of equity in the company or enter into one or more agreements in connection with both the sale and issue of equity in the company.”,

(b) in subsection (2)(b), after “from time to time consent to” by the insertion of “, including customary provisions contained in an underwriting agreement”, and

(c) by the substitution for subsection (3) of the following subsections:

“(3) Section 60 of the Companies Act, 1963 , shall not apply to any representation made or warranty or indemnity given by the company or any subsidiary thereof (within the meaning of section 155(1) of the Companies Act, 1963 ), or any financial obligations undertaken in relation thereto by the company, in connection with the issue by the company or the sale or transfer by any shareholder of shares in the company pursuant to an agreement under subsection (1) entered into by the Minister, with the consent of the Minister for Finance.

(4) Notwithstanding subsection (13)(b) of section 60 of the Companies Act, 1963 , section 60 of that Act shall not apply to the provision, whether directly or indirectly, by the company or any subsidiary thereof (within the meaning of section 155(1) of the Companies Act, 1963 ) of money or a financial arrangement including a loan, guarantee, the provision of security or otherwise in connection with the purchase of, or subscription for, shares in the company by an employee share ownership trust established by the company, or the transfer thereto of such shares, irrespective of whether or not all or a portion of such shares are pledged as security or otherwise to any third party.”.