Finance Act, 2000
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Amendment of Schedule 12 (employee share ownership trusts) to Principal Act. |
26.—Schedule 12 to the Principal Act is amended in paragraph 11— | |
(a) by the substitution for subparagraph (2B)(d) (inserted by the Finance Act, 1999 ) of the following: | ||
“(d) at each given time— | ||
(i) in the case of an employee share ownership trust approved under paragraph 2 before the passing of the Finance Act, 2000, in the 5 year period referred to in clause (b), and | ||
(ii) in the case of an employee share ownership trust approved under paragraph 2 on or after the passing of the Finance Act, 2000, in the 5 year period, or such lesser period as the Minister for Finance may by order prescribe, commencing on the date referred to in clause (b), | ||
50 per cent, or such lesser percentage as the Minister for Finance may by order prescribe, of the securities retained by the trustees at that time were pledged by them as security for borrowings, and”, | ||
and | ||
(b) by the insertion after subparagraph(9) of the following: | ||
“(10) Where an order is proposed to be made under subparagraph (2B)(d), a draft of the order shall be laid before Dáil Éireann, and the order shall not be made until a resolution approving of the draft has been passed by Dáil Éireann.”. |