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Subsidiaries, joint ventures, etc.
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28.— (1) Such functions of the Authority as it may determine may be performed by a subsidiary and, accordingly, the Authority may, with the approval of the Minister given with the consent of the Minister for Finance, for the purpose of such performance, form and establish or acquire one or more subsidiaries.
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(2) The Authority or a subsidiary may, either by itself or with another person, with the approval of the Minister given with the consent of the Minister for Finance, promote and take part in the formation or establishment of a company, or enter into a joint venture or partnership, for the purpose of performing any of the functions of the Authority.
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(3) The Authority may for the purpose of performing any of its functions, with the approval of the Minister given with the consent of the Minister for Finance, acquire, hold and dispose of shares or other interests in a company and become a member of a company.
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(4) The memorandum and articles of association of a subsidiary shall be in such form consistent with this Act as may be determined by the Authority with the approval of the Minister given with the consent of the Minister for Finance.
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(5) The Minister may give a direction in writing to the Authority on any matter relating to a subsidiary and the Authority shall comply or secure compliance with such a direction.
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(6) The Minister shall not, without the consent of the Minister for Finance, give a direction under this section in relation to the disposal or transfer of any assets or surpluses of a subsidiary.
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(7) A subsidiary of the Company shall be deemed to be a subsidiary formed and established by the Authority under this section but such a subsidiary shall comply with this section and any provision in its memorandum and articles of association that does not so comply shall, to the extent of that non-compliance, be void.
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