Transport (Railway Infrastructure) Act, 2001

Subsidiary of CIÉ.

71.—(1) Such functions of CIÉ as it may determine may be performed by a subsidiary and, accordingly, CIÉ may, with the consent of the Minister and the Minister for Finance, for the purpose of such performance, acquire or form and establish one or more subsidiaries.

(2) The memorandum and articles of association of a subsidiary shall be in such form as may be determined by CIÉ with the consent of the Minister and the Minister for Finance.

(3) The Minister may give a direction in writing to CIÉ on any matter relating to a subsidiary or the policies, programmes or activities of a subsidiary and CIÉ shall comply or, as may be appropriate, secure compliance with the direction.

(4) A direction under this subsection in relation to the disposal of any assets or surpluses of a subsidiary shall not be given without the consent of the Minister for Finance.

(5) In this section, “subsidiary” means a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of CIÉ.