Harbours Act, 1996

Name and capital formation of a company.

8.—(1) The name of a company shall be the name mentioned in column (2) of the First Schedule opposite the mention in column (1) of that Schedule of the harbour in respect of which the company is established pursuant to section 7 .

(2) Section 6 (1) (a) of the Companies Act, 1963 , shall not apply to a company.

(3) (a) Subject to paragraph (b), the authorised share capital of a company shall be an amount not exceeding the total of the following:

(i) the value of the property to be transferred to the company on the relevant vesting day under section 96 , and

(ii) the amount of working capital of the company on the relevant vesting day,

divided into shares of one pound each.

(b) The Minister may, after consultation with the Minister for Finance, direct that the total amount obtained under paragraph (a) as respects a company shall, as the Minister specifies in the direction, be rounded upwards or downwards to the nearest £500,000 or £1,000,000 and the amount so obtained shall apply for the purposes of paragraph (a) as respects that company.

(c) A company may, with the consent of the Minister and the Minister for Finance, divide the shares in its share capital into several classes, and attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions.

(d) No issue of shares in the share capital of a company shall be made other than those provided for in sections 19 , 20 and 25 .