National Cultural Institutions (National Concert Hall) Act 2015
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Subsidiaries, joint ventures, etc. | ||
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28. (1) Such functions of the NCH as the Board may determine, after consultation with the Minister, may be performed by a subsidiary or partnership or other such appropriate corporate vehicle and, accordingly, the Board may, with the consent of the Minister and the Minister for Public Expenditure and Reform, for the purpose of such performance, acquire or form and establish one or more subsidiaries, partnerships or other corporate vehicles. | ||
(2) The NCH or a subsidiary may, either by itself or with another person, with the consent ofthe Minister and the Minister for Public Expenditure and Reform, promote and take part in the formation or establishment of a company, or enter into joint ventures or partnerships for the purpose of fulfilling any of its functions. | ||
(3) The NCH may, with the prior consent of the Minister and the Minister for Public Expenditure and Reform, acquire, hold and dispose of shares or other interests in a company and become a member of a company. | ||
(4) The memorandum and articles of association of a subsidiary shall be in such form consistent with this Act as may be determined by the Board, with the consent of the Minister and the Minister for Public Expenditure and Reform. | ||
(5) (a) A subsidiary or partnership or other such corporate vehicle referred to in subsection (1) shall make such reports in such manner to the Board of the NCH as the Board may require. | ||
(b) The Board shall make such reports on the operation of any subsidiaries, partnerships or other corporate vehicles formed under this section available to the Minister in such form as the Minister may require. | ||
(6) Appointments to the board of a subsidiary, partnership or other corporate vehicle shall be made by the Board of the NCH, with the consent of the Minister. | ||
(7) A member of the Board of the NCH who serves on the board of a subsidiary, partnership or other corporate vehicle formed under this section shall only so serve for the duration of his or her membership of the Board of the NCH. | ||
(8) Membership of the board of a subsidiary, partnership or other corporate vehicle shall be for a period of 5 years from the date of his or her appointment but shall not last for more than 2 consecutive terms. | ||
(9) No remuneration, other than the expenses referred in section 15 (2) shall be payable to a member of the Board of the NCH who serves on the board of a subsidiary, partnership or other corporate vehicle formed under this section. | ||
(10) Any chief executive of a subsidiary, partnership or other such corporate vehicle formed under such section shall hold office on and subject to such terms and conditions (including terms and conditions relating to remuneration) as may be approved by the board of directors (or other authority, by whatever name called, that controls any such company), the Board of the NCH and the Minister. | ||
(11) The Board of the NCH shall consider on an annual basis whether a subsidiary, partnership or other such corporate vehicle formed under this section should continue in existence. |