Transport (Re-Organisation of Córas Iompair Éireann) Act, 1986

Names and capital formation of companies.

7.—(1) Subject to subsection (2), the names of the companies shall be respectively—

(a) Iarnród Éireann—Irish Rail;

(b) Bus Éireann—Irish Bus;

(c) Bus Átha Cliath—Dublin Bus.

(2) The Minister may by order direct that the name of a company be changed to such name as he specifies in the order and the company shall comply with the direction. Section 23 of the Companies Act, 1963 , shall apply to a change of name under this subsection.

(3) Each company shall be exempt from the requirement of section 6 (1) (b) of the Companies Act, 1963 , to include the word “limited” or “teoranta” in its title.

(4) The whole of the issued share capital of each company shall be held by the Board or by nominees of the Board.

(5) One share in the share capital of each company shall be allotted to each of the subscribers to the memorandum of association of that company.

(6) The cost of the shares referred to in subsection (5) shall be advanced to the subscribers by the Board.

(7) A member of a company (other than the Board) shall hold his share in the company in trust for the Board and shall accordingly be bound to pay all dividends and other money which he receives in respect of the share to the Board and to transfer, as and when required by the Board, the share to the Board or a person nominated in that behalf by the Board.

(8) The Board may, from time to time as occasion requires for the purpose of compliance with so much of the Companies Acts as requires that there shall always be at least two members of each company, transfer to any person one of its shares in the company.

(9) Save as authorised by this section neither the Board nor any other member shall transfer or alienate any share in the company concerned.

(10) A resolution for the voluntary winding up of a company shall not be adopted unless resolutions have been passed by each House of the Oireachtas consenting to such winding up.