Industrial Development Act, 1995

Transfer of securities to Agencies.

4.—(1) Forfás shall determine the appropriate Agency to which each of the securities referred to in subsection (2) shall be transferred under that subsection and, for that purpose, shall draw up and submit for the Minister's approval a Schedule showing the Agency to which it proposes that they be transferred and a copy of such Schedule shall as soon as it has been approved by the Minister be laid before each House of the Oireachtas.

(2) Securities in any body corporate which were, immediately before the commencement of this subsection, standing vested in Forfás shall, on such commencement, be transferred to Forbairt or IDA without assignment, in accordance with the Schedule drawn up under subsection (1).

(3) (a) Where securities have been transferred to one of the Agencies under subsection (2), and it subsequently appears to Forfás that any of the securities concerned should be further transferred to the other Agency (whether by reason of a change in the controlling interest of the body corporate concerned or otherwise), Forfás shall, following consultation with both Agencies, have power to direct that such further transfer take place without assignment.

(b) Where Forfás makes a direction under paragraph (a), the transfer referred to in that paragraph shall have effect on the date of the notification referred to in subsection (4).

(4) Where securities are transferred under this section, Forfás shall notify the body corporate concerned of the transfer and evidence of the transfer shall be entered in any register required to be maintained in respect of the securities by the body corporate concerned.

(5) Every right and liability transferred by this section to an Agency may thereupon be sued on, recovered or enforced by or against that Agency in its own name and it shall not be necessary for that Agency to give notice to the person whose right or liability is transferred by this section of the transfer.

(6) A transfer of securities in a body corporate under this section shall not be affected by any provision, whether in the memorandum or articles of association of the body corporate or otherwise, purporting to restrict the transfer of such securities.

(7) Section 12 of the Finance Act, 1895 , shall not apply to the vesting in an Agency of any property or right transferred by or under this Act.

(8) This section shall not apply to any securities held by Forfás, immediately before the commencement of any of the provisions of this section, in International Development Ireland Limited.

(9) In this section—

(a) “securities” includes stocks, shares, debentures and loans, and

(b) a reference to the appropriate Agency shall be construed as a reference to Forbairt or IDA, as the case may require.