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Provisions in relation to new shares held by the Minister.
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10.—(1) Subject to this section, the Minister may, in respect of new shares for the time being held by him, exercise all or any of the rights and powers from time to time exercisable by the holder of such new shares, and where such rights or powers are exercisable by attorney the Minister may, if he so thinks proper, exercise such rights and powers by his attorney, and for this purpose may appoint one person to be his attorney as respects certain new shares held by him and another person to be his attorney as respects other new shares held by him.
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(2) The Minister, from time to time as occasion requires, may, for the purpose of compliance with so much of the Companies Acts as requires that there shall always be at least seven members of the Corporation or for the purpose of providing a person appointed or about to be appointed a director with the necessary qualification, do either or both of the following things, that is to say—
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(a) transfer to any person one new share for the time being held by the Minister,
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(b) require any member of the Corporation to transfer any new share held by him to the Minister or to any other person appointed in that behalf by the Minister.
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(3) Every member (other than the Minister) of the Corporation or the personal representative of such member shall hold his new shares in trust for the Minister and shall be accordingly bound to pay every dividend, bonus and other money received by such member on or in respect of such new shares to the Minister for the benefit of the Exchequer and to transfer, as and when required by the Minister, such new shares to the Minister or to a person nominated in that behalf by the Minister.
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(4) If any member of the Corporation dies or is declared a bankrupt or makes an arrangement with his creditors or is declared of unsound mind, the Minister may execute a transfer of the new shares held by such member either to the Minister or to another person and thereupon the said new shares shall vest in the person specified in the said transfer.
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(5) Save as authorised or required by this section no member of the Corporation (including the Minister) shall transfer any new shares for the time being held by him.
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