Sugar Manufacture Act, 1933

SCHEDULE.

Conditions to which the Company is to Conform.

1. The Memorandum and Articles of Association of the Company shall be subject to the approval of the Minister after consultation by him with the Minister for Agriculture and the Minister for Industry and Commerce.

2. The Memorandum of Association of the Company shall provide—

(a) that the name of the Company shall be Cómhlucht Siúicre Eireann, Teoranta;

(b) that the registered office of the Company shall be situate in Dublin;

(c) that the principal objects of the Company shall include the acquisition, erection, and operation of sugar factories in Saorstát Eireann;

(d) that the liability of the members of the Company shall be limited;

(e) that the amount of the share capital of the Company shall be two million pounds divided into two million shares of one pound each, and that the Company shall, with the consent of the Minister, have power to divide the shares in the capital of the Company into several classes and to attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions.

3. The Articles of Association of the Company shall provide—

(a) that the number of directors of the Company shall be seven;

(b) that, so long as the Minister holds not less than one-tenth of the share capital of the Company, or so long as any debentures of the Company guaranteed by the Minister under this Act are outstanding, or so long as the rate of the customs duty chargeable on sugar imported into Saorstát Eireann is higher than the rate of the excise duty chargeable on sugar manufactured in Saorstát Eireann, four of the directors of the Company shall be nominated by the Minister;

(c) that there shall be a managing director of the Company, and, subject to the next following sub-paragraph, the directors of the Company shall from time to time appoint one of their body to be managing director of the Company;

(d) that the first managing director of the Company shall be such one of the directors of the Company as the Minister may appoint and shall hold the office of managing director for such period, on such terms and subject to such conditions as the Minister may direct;

(e) that the Company shall have power for the purposes of the Company to raise money by means of debentures, subject however as follows:—

(i) the amount so raised shall not exceed at any time the paid up share capital of the Company, and

(ii) the said power shall not, so long as the Minister holds not less than one-tenth of the share capital of the Company, or so long as any debentures of the Company guaranteed by the Minister under this Act are outstanding, be exercised without the consent of the Minister;

(f) that, so long as the Minister holds not less than one-tenth of the share capital of the Company, or so long as any debentures of the Company guaranteed by the Minister under this Act are outstanding, or so long as the rate of the customs duty chargeable on sugar imported into Saorstát Eireann is higher than the rate of the excise duty chargeable on sugar manufactured in Saorstát Eireann, no person shall be capable of being appointed auditor of the Company unless the approval of the Minister to the nomination of such person to the office of auditor has been given.