Harbours Act, 1996
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Obligation of certain shareholders to hold shares in trust. |
21.—(1) A member of a company to whom a share in the share capital of a company is issued under section 20 or transferred under section 19 (3) (a) shall hold that share in the company in trust for the Minister and shall accordingly be bound to pay all dividends and other money which he or she receives in respect of the share to the Minister for the benefit of the Exchequer and to transfer, as and when required by the Minister, the share to the Minister or a person nominated in that behalf by the Minister. | |
(2) Save when required pursuant to subsection (1), such member shall not transfer or alienate his or her share in the share capital of a company. | ||
(3) Upon the death of a member of a company referred to in subsection (1), the share in the share capital of the company held by such member shall, without the necessity for a transfer, vest in the Minister. |