Irish Aviation Authority Act, 1993

Obligation of certain shareholders to hold shares in trust.

24.—(1) A member of the company to whom a share in the share capital of the company is issued under section 21 or transferred under section 23 (1) or this section shall hold that share in trust for the Minister for Finance and shall accordingly be bound to pay all dividends and other money which he receives in respect of the share to the Minister for Finance for the benefit of the Exchequer and to transfer, as and when required by the Minister for Finance, the share to him or a person nominated in that behalf by him.

(2) Save when required pursuant to subsection (1), such member shall not transfer or alienate his share in the share capital of the company.

(3) Upon the death of a member of the company referred to in subsection (1), the share in the share capital of the company held by such member shall, without the necessity for a transfer, vest in the Minister for Finance.