PART I

Preliminary and General

1. —This Act may be cited as the National Development Corporation Act, 1986.

2. —(1) In this Act, except where the context otherwise requires—

“the Agency” means the National Enterprise Agency Limited;

“the Companies Acts” means the Companies Act, 1963 , and the enactments extending or amending that Act;

“the Corporation” means the National Development Corporation Limited;

“enterprise” means an industrial undertaking including an undertaking ancillary to industry or a commercial undertaking (other than an undertaking whose functions relate wholly or mainly to the provision of banking, insurance, legal, management consultancy, advertising, public relations or financial services);

“functions” includes powers and duties;

“holding company” has the meaning assigned to it by section 155 of the Companies Act, 1963 ;

“marketing” includes the selling and promotion of any goods or services;

“the Minister” means the Minister for Industry and Commerce;

“securities” means shares in the share capital of any body corporate, or stock of any body corporate or debentures, debenture stock or bonds of any body corporate, whether constituting a charge on the assets of the body or not, or rights or interests (described whether as units or otherwise) in any such shares, stock, debentures, debenture stock or bonds;

“State-sponsored body” has the meaning assigned to it by section 3 ;

“State-sponsored commercial enterprise” has the meaning assigned to it by section 3 ;

“subsidiary” has the meaning assigned to it by section 155 of the Companies Act, 1963 ;

“vesting day” means the day appointed by section 7 to be the vesting day for the purposes of this Act.

(2) A reference in this Act to a section is to a section of this Act, unless it is indicated that a reference to some other enactment is intended.

(3) A reference in this Act to a subsection is a reference to the subsection in which the reference occurs unless it is indicated that a reference to some other provision is intended.

(4) A reference in this Act to any enactment shall be construed as a reference to that enactment as amended or adapted by or under any subsequent enactment.

3. —(1) Every body specified in the First Schedule to this Act shall be a State-sponsored body for the purposes of this Act.

(2) Every body specified in the Second Schedule to this Act shall be a State-sponsored commercial enterprise for the purposes of this Act.

(3) The Minister may by order amend the First or Second Schedule to this Act by adding the name of any body to either Schedule or deleting the name of any body therefrom.

4. —(1) Every order made under section 3 shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution is passed by either House within the next twenty-one days upon which that House has sat after such order has been laid before it annulling the order, the order shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

(2) Whenever an order is proposed to be made under section 15 , a draft of the order shall be laid before each House of the Oireachtas and the order shall not be made until a resolution approving of the draft has been passed by each such House.

5. —The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.