Telecommunications (Miscellaneous Provisions) Act, 1996

Issue of shares, etc.

8.—(1) Notwithstanding any provision of the Principal Act—

(a) the company may issue new shares and may divide shares into one or more classes and attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions in accordance with the Companies Acts, 1963 to 1990;

(b) subject to subsection (2), the Minister or the Minister for Finance may buy, sell or otherwise transfer shares in the company.

(2) (a) The aggregate shareholding of the Minister and the Minister for Finance in the company shall not be reduced to less than a majority of the issued share capital.

(b) The Minister or the Minister for Finance may subscribe for further shares in the company to an amount not exceeding £100,000,000.

(c) All moneys required by the Minister for Finance or by the Minister with the consent of the Minister for Finance to meet sums payable by those Ministers in accordance with this section shall be paid out of the Central Fund or the growing produce thereof.

(3) (a) The company may issue shares as part of one or more than one employee shareholding scheme, subject to such terms and conditions as may be approved of by a majority of the shareholders of the company.

(b) The Minister or the Minister for Finance may sell or otherwise transfer shares as part of one or more than one employee shareholding scheme, subject to such terms and conditions as may be approved of by a majority of the shareholders of the company.