Irish National Petroleum Corporation Limited Act, 2001

Disposal of shares in Corporation.

2.—(1) The Minister may hold for so long as the Minister thinks fit any shares in the Corporation taken up or acquired by the Minister either before or after the commencement of this section.

(2) The Minister may—

(a) subject to the prior approval of the Minister for Finance and to subsection (3), sell, exchange, transfer or otherwise dispose of all or any of the shares held by the Minister in the Corporation in such manner and upon and subject to such terms and conditions (including representations, warranties and indemnities) as the Minister may determine, and

(b) for the purposes of paragraph (a), enter into agreements and arrangements.

(3) (a)  Where a disposal would result in moneys being received which are required to be paid or disposed of in accordance with section 3 , the Minister shall, subject to paragraph (b), obtain the approval of Dáil Éireann before making the disposal under this section.

(b)  Paragraph (a) does not apply to dividends or to the disposal and issue of shares in connection with a trust.