Road Safety Authority Act 2006
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Establishment of subsidiaries by Authority. |
11.— (1) The Authority may, either by itself or with another person, with the consent of the Minister and the Minister for Finance, and subject to any conditions of the Minister, promote and take part in the formation or establishment of a subsidiary to perform any of the functions conferred upon it by this Act. | |
(2) The Authority may exercise total or partial control of the board of directors, by whatever name called, of a subsidiary that controls or manages the subsidiary. | ||
(3) The memorandum and articles of association of a subsidiary shall be in such form consistent with this Act as may be approved of by the Authority with the consent of the Minister and the Minister for Finance. | ||
(4) A subsidiary shall make such reports and in such manner to the Authority as it may require. | ||
(5) A subsidiary may enter into joint ventures with other persons. | ||
(6) The chief officer of a subsidiary shall hold office on and subject to such terms and conditions (including terms and conditions relating to remuneration) as may be approved of by the board of directors (or other authority, by whatever name called, that controls any such company) with the consent of the Minister and the Minister for Finance. | ||
(7) The Minister may give a direction in writing to the Authority on any matter relating to a subsidiary and the Authority shall comply or, as may be appropriate, secure compliance with the direction. | ||
(8) A direction under this section in relation to the disposal of any assets or surpluses of a subsidiary shall not be given without the consent of the Minister for Finance. | ||
(9) In this section “subsidiary” means a subsidiary (within the meaning of section 155 of the Companies Act 1963 ) of the Authority. |