Harbours Act 2015


Transfer of Shareholding of Companies to Local Authorities

Chapter 1

Transfer of shareholdings to local authorities

Transfer of shareholding of company

8. (1) The Minister may, with the consent of the Minister for Public Expenditure and Reform and the Minister for the Environment, Community and Local Government, in respect of a company referred to in Schedule 1, by order provide that, without the need for any instrument of transfer or other form of assignment, ownership of all shares in the share capital of the company concerned—

(a) held by the Minister and the Minister for Public Expenditure and Reform, and

(b) held in trust for the Minister,

shall vest in a local authority specified in the order on such day as is specified in the order (in this Act referred to as a “company transfer day”).

(2) No consideration shall be payable by the local authority specified in an order made under this section in respect of the shares vested in that local authority under this section.