ACC Bank Act, 2001

Disposal of shares in ACC.

5.—(1) Subject to this section, the Minister may, subject to subsection (2), sell, exchange, transfer or otherwise dispose of any or all of the shares held by the Minister in ACC in such manner and upon and subject to such terms and conditions as he or she may determine and may, for the purposes aforesaid, enter into agreements and arrangements.

(2) The Minister shall obtain a motion of approval from Dáil Éireann prior to making a disposal under subsection (1).

(3) This section does not apply to a sale or transfer under section 4 or section 11(6) of the Agricultural Credit Act, 1978 , of shares held by the Minister.

(4) Moneys received by the Minister in respect of the disposal of shares by the Minister shall be paid into or disposed of for the benefit of the Exchequer.