Sugar Manufacture (Amendment) Act, 1973

Amendment of Schedule to Principal Act.

4.—The Schedule to the Principal Act is hereby amended by the substitution of the following for paragraph 3:

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

(a) that the directors of the Company shall be of such number not exceeding ten as the Minister may from time to time determine;

(b) that a majority of the directors (being the smallest majority in any particular case) shall be nominated by the Minister;

(c) that the Company shall have power for the purposes of the Company to raise money (including money in a currency other than the currency of the State) 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,

(ii) the said power shall not be exercised without the consent of the Minister, and

(iii) in relation to money raised by means of debentures in a currency other than the currency of the State, the rate of exchange shall be the rate of exchange for the time being for that currency and the currency of the State;

(d) that a person shall not be capable of being appointed auditor of the Company unless the approval of the Minister to the nomination of that person to the office of auditor of the Company has been given.”.