Electricity (Supply) (Amendment) Act, 2001

Regulations relating to rights and obligations attaching to capital stock.

5.—(1) The power to make regulations conferred on the Board pursuant to section 6 of the Electricity (Supply) Act, 1927 , shall be deemed to include a power to make such regulations as the Board considers appropriate for determining, subject to prior written consent of the Minister for Public Enterprise and the Minister for Finance—

(a) the terms and conditions relating to the creation of capital stock, and

(b) the rights and obligations attaching to the capital stock.

(2) Without prejudice to the generality of subsection (1) of this section, regulations made pursuant to that subsection may include provisions relating to dividends, voting rights, Board representation and the limitation of the transfer or alienation of beneficial interest in capital stock.

(3) Every regulation made pursuant to this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.