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Amendment of Schedule to Principal Act.
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10.—The Schedule to the Principal Act is hereby amended—
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(a) by the substitution of the following paragraph for paragraph 1:
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“1.—The Memorandum and Articles of Association of the Company shall be subject to the approval of the Minister given after consultation with the Minister for Finance.”,
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(b) by the substitution of the following sub-paragraph for sub-paragraph (e) of paragraph 2:
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“(e) that the amount of the share capital of the Company shall be £10,000,000 divided into shares of £1 each, and that the Company shall, with the consent of the Minister for Finance, 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.”,
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(c) by the substitution of the following paragraph for paragraph 4 of the Schedule:
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“4.—The Articles of Association of the Company shall provide—
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(a) that the directors of the Company shall be nominated from time to time by the Minister after consultation with the Minister for Finance;
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(b) that the chairman of the directors shall be nominated from time to time by the Minister after consultation with the Minister for Finance from amongst the directors;
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(c) that, for such period as the Minister may direct, there shall be a managing director of the Company and, in that case, the directors of the Company shall from time to time appoint one of their body to be managing director of the Company;
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(d) that the Company shall have power for the purposes of the Company to raise money by means of debentures, subject, however, as follows:—
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(i) the amount so raised shall not at any time exceed the paid up share capital of the Company,
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(ii) the said power shall not be exercisable without the consent of the Minister for Finance given on the recommendation of the Minister;
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(e) no person shall be capable of being appointed as auditor to the Company without the approval of such appointment by the Minister given after consultation with the Minister for Finance.”.
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