State Airports Act 2004

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Restructuring of Aer Rianta.

7.—(1) Subject to Part IV of the Companies (Amendment) Act 1983 , the transfer of assets, liabilities, contracts, rights, obligations and other things necessary to give effect to the restructuring shall as soon as possible, with effect from the Cork or Shannon appointed day, as the case may be, be effected by Dublin Airport Authority and (where relevant) any of its subsidiaries or by the Minister under subsection (2), or by a combination of both.

(2) The Minister may, with the consent of the Minister for Finance, by order or orders, provide for the doing of all such matters as he or she believes necessary to give effect to the restructuring.

(3) An order under subsection (2) may contain such provisions as the Minister considers necessary, including provisions dealing with assets, liabilities, contracts, rights, obligations and other things and provisions specifying the manner, the order in which and the effect of any transfer or transaction relating to such assets, liabilities, contracts, rights, obligations and other things.

(4) Dublin Airport Authority or any of its subsidiaries may, with the consent of the Minister, or shall at his or her direction enter into such arrangements with Cork Airport Authority and Shannon Airport Authority (including the terms and conditions upon which such arrangements may be entered into) for the purposes of effecting the restructuring and enabling Cork Airport Authority and Shannon Airport Authority to discharge their functions under this Act.

(5) The Minister may also give a direction prohibiting Aer Rianta or any of the companies from dealing with specified assets in a manner contrary to the direction.

(6) In addition to section 38 of the Act of 1998, the Minister may give a direction to Aer Rianta or a company in relation to any matter relating to or in anticipation of the restructuring.

(7) Aer Rianta and each company shall provide to the Minister all such information and other assistance as the Minister may require for the purpose of or in connection with the restructuring.

(8) Costs arising from the restructuring may be paid by the Minister, to such extent as may be sanctioned by the Minister for Finance.

(9) Section 12 of the Act of 1998 does not apply to the transfer of any asset under this section.

(10) For the purposes of the restructuring a company or any of its subsidiaries may issue any class of shares in the share capital of the company or any of its subsidiaries (as the case may be) to any other company or subsidiary of that company with the consent of the Minister for Finance given after consultation with the Minister.

(11) The Minister may, with the consent of the Minister for Finance, by order confer on Aer Rianta, such additional functions connected with the restructuring as he or she thinks fit (including those required under section 9 (6)) subject to such conditions (if any) as may be specified in the order. An order under this subsection may contain such incidental or supplementary provisions as may, in the opinion of the Minister, be necessary to give full effect to the order.

(12) In this section “assets” includes any property (real or personal) land, subsidiaries and any direct or indirect shareholdings of Aer Rianta, or Dublin Airport Authority, as the case may be, or any of its subsidiaries.