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Provisions with respect to sale, leasing and acquisition of land.
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15.—(1) A decision by a company to acquire any land or to dispose of any of its land (whether by sale or the grant of a lease) shall only be made by the directors of the company.
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(2) The consideration for which any land is sold by a company shall, in so far as is practicable, not be less than its open market value.
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(3) The rent to be reserved under a lease of land granted by the company shall be of an amount not less than the open market rent obtainable for that land save that a rent of below such an amount may be reserved under such a lease if—
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(a) in case any business or trade is to be carried on at the land, the company considers that, having regard to—
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(i) the amount of business or trade that is likely to be transacted at the land, or
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(ii) the effect the granting of the lease is otherwise likely to have on the amount of business or trade transacted in its harbour,
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it is appropriate to reserve a rent at below such an amount, or
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(b) in any other case, the Minister consents to the reservation of a rent at below such an amount.
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(4) (a) In deciding whether to acquire any land or in deciding the consideration it shall pay for the acquisition of any land, a company shall have regard to any Government policy or guidelines in relation to the acquisition of land by State enterprises which is or are for the time being extant.
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(b) Without prejudice to paragraph (a), where a company proposes to acquire land it shall cause a valuation of the land to be made by an appropriately qualified independent person.
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(c) In this subsection “State enterprise” means a company (within the meaning of the Companies Acts) one or more shares in the shareholding of which is held by a Minister of the Government and the principal objects of which (as stated in its memorandum of association) are prescribed in whole or part by statute.
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