Electricity (Supply) (Amendment) Act, 2001

Power to create and issue capital stock.

2.—(1) By virtue of this section, the Board has, as part of its functions, the power to create stock (in this Act referred to as “capital stock”) subject to such terms and conditions contained in any regulations made pursuant to section 5 , in amounts that, in aggregate, are equal to the net assets of the Board.

(2) (a)  The Board shall issue 95 per cent of any capital stock to the Minister for Finance without payment and the said capital stock shall be treated as fully paid up.

(b)  The Board shall, in accordance with an approved scheme, make available for subscription to employees of the Board or trustees on their behalf up to 5 per cent of the capital stock.