Sugar Act, 1991
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Shares held by nominees. |
4.—(1) Every share of the Holding Company which is to be allotted or transferred to the Minister or the Minister for Agriculture and Food or their nominees shall be allotted or transferred either, as the particular Minister shall direct, to the Minister concerned or to a person (in this section referred to as a nominee) nominated in that behalf by the relevant Minister, and different persons may be so nominated in respect of different shares. | |
(2) The following provisions shall apply and have effect in respect of all shares of the Holding Company which are for the time being standing in the name of a nominee for the Minister or the Minister for Agriculture and Food, that is to say: | ||
(a) it shall be lawful— | ||
(i) for the Minister or the Minister for Agriculture and Food to transfer all or any of the said shares to another person selected by the Minister concerned to hold as his nominee the shares so transferred; | ||
(ii) for the Minister to direct a nominee to sell, exchange or otherwise dispose of all or any of the shares of the Holding Company for the time being vested in him as such nominee; | ||
(iii) for the Minister or the Minister for Agriculture and Food to direct a nominee to transfer all or any of the shares of the Holding Company for the time being vested in him as such nominee either (as shall be specified in such direction) to the relevant Minister or to another person selected by the Minister concerned to hold such shares as his nominee; | ||
(b) (i) every nominee shall hold upon trust for the Minister all or any shares in the Holding Company for the time being vested in him as such nominee and shall sell, exchange or otherwise dispose of such shares in such manner as the Minister shall direct from time to time in writing; | ||
(ii) every nominee shall hold upon trust for the Minister for Agriculture and Food the special share referred to in section 2 (2) of this Act, for the time being vested in him as such nominee; | ||
(c) every direction given under this subsection by the Minister or the Minister for Agriculture and Food shall be a good and lawful authority and discharge to the nominee to whom it is given for everything done by him in accordance therewith, and such nominee shall not be entitled or concerned to enquire whether such direction was or was not lawfully given; | ||
(d) every nominee shall act in all respects in accordance with the directions of the relevant Minister when exercising the rights and powers exercisable in respect of the shares of the Holding Company for the time being vested in him as such nominee; | ||
(e) every nominee shall pay into the Exchequer, in such manner as the Minister shall direct, all dividends and other moneys received by him in respect of shares of the Holding Company for the time being vested in him as such nominee, and also the proceeds of the sale or disposal by him of any such shares. | ||
(3) This section shall apply to the personal representative of a deceased nominee in like manner as it applies to a living nominee, and accordingly the word “nominee” shall in this section be construed (wherever the context so admits) as including the personal representative of a deceased nominee. |