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Uimhir 27 de 1981
AN tACHT UM INFHEISTÍOCHTAÍ TEILEACHUMARSÁIDE NA hÉIREANN TEORANTA, 1981
[An tiontú oifigiúil]
Mínithe.
1.—San Acht seo—
ciallaíonn “an Chuideachta” Infheistíochtaí Teileachumarsáide na hÉireann Teoranta;
ciallaíonn “an tAire” an tAire Poist agus Telegrafa.
Cumhacht an Aire Airgeadais scaireanna a thógáil sa Chuideachta.
2.—(1) Féadfaidh an tAire Airgeadais, ó am go ham, tar éis dul i gcomhairle leis an Aire, scaireanna nach mó ná £100 san iomlán a thógáil sa Chuideachta trí shuibscríobh.
(2) Airleacfar as an bPríomh-Chiste nó as a thoradh fáis an t-airgead go léir a theastóidh ón Aire Airgeadais ó am go ham tar éis an tAcht seo a rith faoi chomhair íocaíochtaí a cheanglaítear air a dhéanamh i leith aon scaireanna a thóg sé nó a fuair sé ar shlí eile.
An tAire Airgeadais do shealbhú agus do dhíol scaireanna sa Chuideachta.
3.—(1) Féadfaidh an tAire Airgeadais aon scaireanna a thóg sé nó a fuair sé sa Chuideachta a shealbhú fad is cuí leis agus, tar éis dul i gcomhairle leis an Aire, féadfaidh sé, de réir mar is cuí leis, aon cheann de na scaireanna sin a dhíol.
(2) Déanfar na glanfháltais ó dhíol a rinne an tAire Airgeadais ar scaireanna na Cuideachta a íoc isteach sa Státchiste nó a chur chun tairbhe don Státchiste.
An tAire Airgeadais d'fheidhmiú ceart nó cumhacht is infheidhme ag sealbhóir scaireanna de chuid na Cuideachta.
4.—I gcás ina sealbhóidh an tAire Airgeadais scaireanna de chuid na Cuideachta féadfaidh sé ceart nó cumhacht is infheidhme ag sealbhóir na scaireanna a fheidhmiú agus, i gcás an ceart nó an chumhacht a bheith infheidhme ag aturnae, féadfaidh sé, más cuí leis sin, é a fheidhmiú trína aturnae.
Díbhinní, etc. ar scaireanna de chuid na Cuideachta atá á sealbhú ag an Aire Airgeadais a dhiúscairt.
5.—Déanfar na díbhinní, na bónais agus an t-airgead eile go léir a gheobhaidh an tAire Airgeadais i leith scaireanna de chuid na Cuideachta atá á sealbhú aige a íoc isteach sa Státchiste nó a chur chun tairbhe don Státchiste.
An tAire Airgeadais do ráthú airgid a gheobhaidh an Chuideachta ar iasacht.
6.—(1) Féadfaidh an tAire Airgeadais, tar éis dul i gcomhairle leis an Aire, ráthaíocht a thabhairt, i cibé foirm agus slí agus ar cibé téarmaí agus coinníollacha a cheadóidh an tAire Airgeadais, go n-aisíocfaidh an Chuideachta go cuí príomhshuim aon airgid (lena n-áirítear airgead in airgead reatha seachas airgead reatha an Stáit) a gheobhaidh an Chuideachta ar iasacht nó go n-íocfar ús ar an airgead sin nó go ndéanfar an phríomhshuim a aisíoc agus an t-ús a íoc agus féadfaidh ráthaíocht go n-íocfaidh an Chuideachta coimisiún agus caiteachais theagmhasacha a bhainfidh leis an airgead a fháil ar iasacht a bheith ar áireamh in aon ráthaíocht den sórt sin.
(2) Ní dhéanfaidh an tAire Airgeadais na cumhachtaí a thugtar dó leis an alt seo nó le halt 7 den Acht seo a fheidhmiú i slí gur mó ná £350,000,000 an méid, nó an méid comhiomlán, airgid a dhlífidh sé aon tráth áirithe a íoc ar scór aon ráthaíochta nó ráthaíochtaí faoi cheachtar alt díobh sin a bheidh i bhfeidhm de thuras na huaire i dteannta an méid airgid (más ann) a bheidh íoctha cheana féin aige ar scór aon ráthaíochta faoin alt sin agus a bheidh gan aisíoc ag an gCuideachta.
(3) Chun méid na n-iasachtaí nó na dtráthchodanna nó an airgid eile a ríomh a bheidh ráthaithe ag an Aire Airgeadais faoin alt seo nó faoi alt 7 den Acht seo faoi threoir na teorann le hairgead i bhfo-alt (2) den alt seo, déanfar an méid in airgead reatha an Stáit is cóimhéid leis na hiasachtaí nó na tráthchodanna nó leis an airgead eile in airgead reatha coigríche a ríomh de réir an ráta iomlaoide a bhí i réim an tráth a tugadh an ráthaíocht.
(4) A luaithe is féidir tar éis deireadh gach bliana airgeadais leagfaidh an tAire Airgeadais faoi bhráid gach Tí den Oireachtas ráiteas ina mbeidh, maidir le gach ráthaíocht faoin alt seo nó faoi alt 7 den Acht seo a tugadh i rith na bliana sin nó a tugadh aon tráth roimh thosach na bliana sin, agus a bhí i bhfeidhm i dtosach na bliana sin—
(a) sonraí na ráthaíochta,
(b) i gcás ina mbeidh aon íocaíocht déanta aige faoin ráthaíocht roimh dheireadh na bliana sin, méid na híocaíochta agus an méid (más ann) a bheidh aisíoctha leis ar scór na híocaíochta,
(c) an méid airgid faoi bhrí na ráthaíochta a bhí gan aisíoc i ndeireadh na bliana sin.
(5) Airleacfar as an bPríomh-Chiste nó as a thoradh fáis an t-airgead go léir a theastóidh ón Aire Airgeadais ó am go ham faoi chomhair suimeanna a thiocfaidh chun bheith iníoctha aige faoin alt seo nó faoi alt 7 den Acht seo.
(6) Déanfaidh an Chuideachta airgead a d'íoc an tAire Airgeadais faoi ráthaíocht faoin alt seo nó faoi alt 7 den Acht seo a aisíoc leis (mar aon le hús ar an airgead sin de réir cibé ráta nó rátaí a cheapfaidh an tAire) laistigh de dhá bhliain ó dháta an airgid a airleacan as an bPríomh-Chiste.
(7) I gcás an t-airgead go léir, nó aon chuid den airgead, a gceanglaíonn fo-alt (6) den alt seo é a aisíoc leis an Aire Airgeadais a bheith gan íoc de réir an fho-ailt sin, déanfar an méid a bheidh gan íoc amhlaidh a aisíoc leis an bPríomh-Chiste as airgead a sholáthróidh an tOireachtas.
(8) D'ainneoin airgead a sholáthar faoi fho-alt (7) den alt seo chun an méid a aisíoc leis an bPríomh-Chiste, leanfaidh an Chuideachta faoi dhliteanas don Aire Airgeadais i leith an méid sin agus déanfaidh an Chuideachta an méid sin mar aon le hús air de réir cibé ráta nó rátaí a cheapfaidh an tAire sin a aisíoc leis cibé tráthanna agus i cibé tráthchodanna a cheapfaidh sé agus mura n-aisíocfar an méid sin mar a dúradh agus gan dochar d'aon mhodh gnóthaithe eile beidh sé inghnóthaithe mar fhiach conartha shimplí in aon chúirt dlínse inniúla.
(9) Íocfar isteach sa Státchiste nó cuirfear chun tairbhe don Státchiste i cibé slí is oiriúnach leis an Aire Airgeadais airgead a íocfaidh an Chuideachta faoi fho-alt (6) nó (8) den alt seo.
(10) I ndáil le ráthaíochtaí ón Aire Airgeadais, cibé acu faoin alt seo nó faoi alt 7 den Acht seo díobh, in airgead in airgead reatha seachas airgead reatha an Stáit—
(i) glacfar le gach tagairt do phríomhshuim, le gach tagairt d'ús agus leis an tagairt do choimisiún agus do chaiteachais theagmhasacha i bhfo-alt (1) den alt seo mar thagairtí don méid in airgead reatha an Stáit is cóimhéid leis an bpríomhshuim iarbhír, leis an ús iarbhír, leis an gcoimisiún agus na caiteachais theagmhasacha iarbhír, faoi seach, agus an cóimhéid sin a ríomh de réir chostas na príomhshuime iarbhír, an úis iarbhír nó an choimisiúin agus na gcaiteachas teagmhasach iarbhír, de réir mar is iomchuí, in airgead reatha an Stáit;
(ii) glacfar le gach tagairt d'airgead i bhfo-alt (1) d'alt 7 den Acht seo mar thagairt do chóimhéid an airgid iarbhír in airgead reatha an Stáit agus an cóimhéid sin a ríomh de réir chostas an airgid iarbhír in airgead reatha an Stáit;
(iii) glacfar leis an tagairt d'airgead i bhfo-alt (4) den alt seo mar thagairt do chóimhéid an airgid iarbhír in airgead reatha an Stáit agus an cóimhéid sin a ríomh de réir an ráta iomlaoide arb é, de thuras na huaire, ráta iomlaoide an airgid reatha sin agus airgid reatha an Stáit é;
(iv) glacfar le gach tagairt d'airgead i bhfo-ailt (5) go (8) den alt seo mar thagairt do chostas an airgid iarbhír in airgead reatha an Stáit.
(11) Ní bhfaighidh an Chuideachta airgead ar iasacht gan toiliú a fháil roimh ré ón Aire arna thabhairt le ceadú an Aire Airgeadais.
An tAire Airgeadais do thabhairt ráthaíochta go n-íocfaidh an Chuideachta tráthchodanna, etc.
7.—(1) Féadfaidh an tAire Airgeadais, más cuí leis é, tar éis dul i gcomhairle leis an Aire, ráthaíocht a thabhairt go n-íocfaidh an Chuideachta go cuí tráthchodanna nó méideanna eile airgid (lena n-áirítear airgead in airgead reatha seachas airgead reatha an Stáit) a bheidh dlite den Chuideachta faoi chonradh ina ndeachaigh an Cuideachta agus a bheidh gan íoc aici nó an t-ús ar aon tráthchodanna nó aon mhéideanna den sórt sin a bheidh gan íoc nó go n-íocfaidh sí na tráthchodanna nó na méideanna sin a bheidh gan íoc agus an t-ús sin agus féadfaidh sí ráthaíocht a thabhairt freisin go n-íocfaidh an Chuideachta coimisiún agus caiteachais theagmhasacha i ndáil leis an gconradh sin.
(2) Ní dhéanfaidh an Chuideachta conradh den chineál dá dtagraítear i bhfo-alt (1) den alt seo gan toiliú roimh ré a fháil ón Aire arna thabhairt le ceadú an Aire Airgeadais.
Srian le hathrú ar mheabhrán comhlachais nó airteagail chomhlachais na Cuideachta.
8.—D'ainneoin aon ní in Achtanna na gCuideachtaí, 1963 agus 1977, nó i meabhrán comhlachais nó airteagail chomhlachais na Cuideachta, ní bheidh athrú sa mheabhrán comhlachais nó sna hairteagail chomhlachais bailí ná éifeachtach mura ndéanfar é le ceadú roimh ré ón Aire arna thabhairt le toiliú an Aire Airgeadais agus, nuair is iomchuí, le toiliú Aire na Seirbhíse Poiblí.
Srian le heisiúint scaireanna.
9.—Ní dhéanfar scaireanna na Cuideachta a eisiúint mura mbeidh an eisiúint údaraithe ag an Aire Airgeadais, tar éis dul i gcomhairle leis an Aire.
Clár comhardaithe, cuntas agus tuarascáil na stiúrthóirí maidir leis an gCuideachta.
10.—(1) Tabharfaidh an Chuideachta don Aire a luaithe is féidir tar éis deireadh gach bliana cuntasaíochta—
(a) clár comhardaithe amhail mar bhí ag deireadh na bliana cuntasaíochta agus é arna iniúchadh go cuí ag iniúchóir na Cuideachta,
(b) cuntas sochair agus dochair don bhliain chuntasaíochta agus é arna iniúchadh amhlaidh, agus
(c) cóip de thuarascáil na stiúrthóirí do na scairshealbhóirí don bhliain chuntasaíochta.
(2) Déanfar na cláir chomhardaithe agus na cuntais sochair agus dochair a cheanglaítear le fo-alt (1) den alt seo a tharraingt suas i cibé foirm a ordóidh an tAire le toiliú an Aire Airgeadais.
(3) Tabharfaidh an Chuideachta, má iarrann an tAire é, aon fhaisnéis a theastóidh uaidh maidir leis na cláir chomhardaithe, na cuntais sochair agus dochair nó na tuarascálacha a cheanglaítear le fo-alt (1) den alt seo, nó i ndáil le polasaí agus oibríochtaí na Cuideachta (seachas oibríochtaí ó lá go lá).
(4) Leagfaidh an tAire cóip de gach clár comhardaithe, cuntas sochair agus dochair agus tuarascáil a chuirfear ar fáil dó faoi fho-alt (1) den alt seo faoi bhráid gach Tí den Oireachtas a luaithe is féidir tar éis an clár comhardaithe, an cuntas sochair agus dochair agus an tuarascáil a chur ar fáil dó amhlaidh.
Stiúrthóirí, oifigigh nó seirbhísigh na Cuideachta a bheith ina gcomhaltaí de cheachtar Teach den Oireachtas nó de Thionól na hEorpa.
11.—(1) I gcás ina ndéanfar stiúrthóir ar an gCuideachta a ainmniú mar chomhalta de Sheanad Éireann nó mar iarrthóir le toghadh chun ceachtar Teach den Oireachtas nó do Thionól na gComhphobal Eorpach nó go gceapfar don Tionól sin é scoirfidh sé air sin de bheith ina stiúrthóir ar an gCuideachta.
(2) I gcás ina ndéanfar duine is oifigeach nó seirbhíseach don Chuideachta a ainmniú mar chomhalta de Sheanad Éireann nó mar iarrthóir le toghadh chun ceachtar Teach den Oireachtas nó do Thionól na gComhphobal Eorpach nó go gceapfar don Tionól sin é, beidh sé ar iasacht ó fhostaíocht na Cuideachta agus ní íocfaidh an Chuideachta leis, ná ní bheidh sé i dteideal go bhfaighidh sé ón gCuideachta, aon luach saothair ná liúntais—
(a) i gcás ina ndéanfar é a ainmniú mar chomhalta de Sheanad Éireann, nó é a cheapadh don Tionól sin, in aghaidh na tréimhse dar tosach tráth an ainmniúcháin nó an cheapacháin sin (de réir mar bheidh) agus dar críoch an tráth a scoirfidh sé de bheith ina chomhalta de Sheanad Éireann nó den Tionól sin,
(b) i gcás ina ndéanfar é a ainmniú mar iarrthóir le toghadh chun ceachtar Teach acu sin nó don Tionól sin, in aghaidh na tréimhse dar tosach an tráth a ainmneofar é agus dar críoch an tráth a scoirfidh sé de bheith ina chomhalta den Teach sin nó den Tionól sin (de réir mar bheidh) nó a chinnfidh toghchán air nó a tharraingeoidh sé siar ó bheith ina iarrthóir, de réir mar is iomchuí.
(3) Duine a bheidh de thuras na huaire i dteideal faoi Bhuan-Orduithe cheachtar Tí den Oireachtas suí sa Teach sin nó ar comhalta de Thionól na gComhphobal Eorpach é beidh sé, fad a bheidh sé i dteideal amhlaidh nó fad is comhalta den sórt sin é, dícháilithe chun bheith ina stiúrthóir ar an gCuideachta nó ina oifigeach nó ina sheirbhíseach don Chuideachta.
(4) Má thagann duine atá nó a bhí ina oifigeach nó ina sheirbhíseach don Chuideachta chun bheith ina chomhalta de cheachtar Teach den Oireachtas nó de Thionól na gComhphobal Eorpach beidh sé, fad is comhalta den sórt sin é, dícháilithe chun an tréimhse a áireamh faoi scéim aoisliúntais arna déanamh ag an gCuideachta agus feidhm aici de thuras na huaire.
An Chuideachta lena costais a íoc as ioncam.
12.—Íocfaidh an Chuideachta a costais go léir as a hoibríochtaí.
Díolúine ó dhleacht stampa.
13.—Ní bheidh dleacht stampa iníoctha maidir le haon tíolacas, aistriú nó ionstraim eile a fhorghníomhófar chun maoin nó aon leas i maoin a dhílsiú don Chuideachta.
Caiteachais.
14.—Déanfar aon chaiteachais a thabhóidh an tAire ag riaradh an Achta seo a íoc, a mhéid a cheadóidh an tAire Airgeadais é, as airgead a sholáthróidh an tOireachtas.
Gearrtheideal.
15.—Féadfar an tAcht um Infheistíochtaí Teileachumarsáide na hÉireann Teoranta, 1981, a ghairm den Acht seo.
An tAcht dá dTagraítear | |
Achtanna na gCuideachtaí, 1963 agus 1977 | |
Number 27 of 1981
IRISH TELECOMMUNICATIONS INVESTMENTS LIMITED ACT, 1981
ARRANGEMENT OF SECTIONS
Acts Referred to | |
Companies Acts, 1963 and 1977 | |
Number 27 of 1981
IRISH TELECOMMUNICATIONS INVESTMENTS LIMITED ACT, 1981
Definitions.
1.—In this Act—
“the Company” means Irish Telecommunications Investments Limited;
“the Minister” means the Minister for Posts and Telegraphs.
Power of Minister for Finance to take up shares of Company.
2.—(1) The Minister for Finance may, after consultation with the Minister, from time to time take up by subscription shares of the Company to an amount not exceeding in the aggregate £100.
(2) All moneys from time to time required by the Minister for Finance after the passing of this Act to meet payments required to be made by him in respect of any shares taken up or otherwise acquired by him shall be advanced from the Central Fund or the growing produce thereof.
Holding and sale by Minister for Finance of shares of Company.
3.—(1) The Minister for Finance may hold for as long as he thinks fit any shares of the Company taken up or acquired by him and, after consultation with the Minister, may as he thinks fit sell any of such shares.
(2) The net proceeds of a sale by the Minister for Finance of shares of the Company shall be paid into or disposed of for the benefit of the Exchequer.
Exercise by Minister for Finance of right or power exercisable by holder of shares of Company.
4.—Where the Minister for Finance holds shares of the Company, he may exercise a right or power exercisable by the holder of the shares and, where the right or power is exercisable by attorney, he may, if he so thinks proper, exercise it through his attorney.
Disposition of dividends, etc. on shares of Company held by Minister for Finance.
5.—All dividends, bonus and other moneys received by the Minister for Finance in respect of shares of the Company held by him shall be paid into or disposed of for the benefit of the Exchequer.
Guarantee by Minister for Finance of borrowings by Company.
6.—(1) The Minister for Finance, after consultation with the Minister, may guarantee, in such form and manner and on such terms and conditions as the Minister for Finance may sanction, the due repayment by the Company of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed by the Company, or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest, and any such guarantee may include a guarantee of the payment by the Company of commission and incidental expenses arising in connection with such borrowings.
(2) The Minister for Finance shall not so exercise the powers conferred on him by this section or section 7 of this Act that the amount, or the aggregate amount, of moneys which he may at any one time be liable to pay on foot of any guarantee or guarantees under either such section for the time being in force, together with the amount of moneys (if any) which he has previously paid on foot of any guarantee under such section and which has not been repaid by the Company, exceeds £350,000,000.
(3) For the purposes of calculating the amount of borrowings or instalments or other moneys guaranteed by the Minister for Finance under this section or section 7 of this Act by reference to the limit on moneys in subsection (2) of this section, the equivalent in the currency of the State of borrowings or instalments or other moneys in a foreign currency shall be calculated at the exchange rate prevailing at the time of the giving of the guarantee.
(4) The Minister for Finance shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section or section 7 of this Act given during that year or given at any time before, and in force at, the commencement of that year—
(a) particulars of the guarantee,
(b) in case any payment has been made by him under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to him on foot of the payment,
(c) the amount of moneys covered by the guarantee which was outstanding at the end of that year.
(5) All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him under this section or section 7 of this Act shall be advanced out of the Central Fund or the growing produce thereof.
(6) Moneys paid by the Minister for Finance under a guarantee under this section or section 7 of this Act shall be repaid to him (with interest thereon at such rate or rates as he appoints) by the Company within two years from the date of the advance of the moneys out of the Central Fund.
(7) Where the whole or any part of moneys required by subsection (6) of this section to be repaid to the Minister for Finance has not been paid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.
(8) Notwithstanding the provision of moneys under subsection (7) of this section to repay the amount to the Central Fund, the Company shall remain liable to the Minister for Finance in respect of that amount, and that amount, with interest thereon at such rate or rates as that Minister appoints, shall be repaid to him by the Company at such times and in such instalments as he appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.
(9) Moneys paid by the Company under subsection (6) or (8) of this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit.
(10) In relation to guarantees given by the Minister for Finance, whether under this section or section 7 of this Act, in money in a currency other than the currency of the State—
(i) each of the references to principal, each of the references to interest and the reference to commission and incidental expenses in subsection (1) of this section shall be taken as referring to the equivalent in the currency of the State of the actual principal, the actual interest and the actual commission and incidental expenses, respectively, such equivalent being calculated according to the cost in the currency of the State of the actual principal, the actual interest or the actual commission and incidental expenses, as may be appropriate;
(ii) each of the references to moneys in subsection (1) of section 7 of this Act shall be taken as referring to the equivalent in the currency of the State of the actual moneys, such equivalent being calculated according to the cost in the currency of the State of the actual moneys;
(iii) the reference to moneys in subsection (4) of this section shall be taken as referring to the equivalent in the currency of the State of the actual moneys, such equivalent being calculated according to the rate of exchange for the time being for that currency and the currency of the State;
(iv) each of the references to moneys in subsections (5) to (8) of this section shall be taken as referring to the cost in the currency of the State of the actual moneys.
(11) The Company shall not borrow except with the prior consent of the Minister given with the approval of the Minister for Finance.
Guarantee by Minister for Finance of payment of instalments, etc. by Company.
7.—(1) The Minister for Finance, after consultation with the Minister, may if he so thinks fit guarantee the due payment by the Company of instalments or other amounts of money (including money in a currency other than the currency of the State) owed by the Company and outstanding under a contract entered into by the Company or the interest on any such instalments or amounts outstanding or both the payment of such instalments or amounts outstanding and such interest and may also guarantee the payment by the Company of commission and incidental expenses arising in connection with such a contract.
(2) The Company shall not enter into a contract of the kind referred to in subsection (1) of this section except with the prior consent of the Minister given with the approval of the Minister for Finance.
Restriction on alteration of memorandum or articles of association of Company.
8.—Notwithstanding anything contained in the Companies Acts, 1963 and 1977, or in the memorandum or articles of association of the Company, an alteration in the memorandum or articles of association shall not be valid or effectual unless made with the previous approval of the Minister given with the consent of the Minister for Finance and, where appropriate, the consent of the Minister for the Public Service.
Restriction on issue of shares.
9.—An issue of shares of the Company shall not be made unless the Minister for Finance, after consultation with the Minister, has authorised the issue.
Balance sheet, account and directors' report of Company.
10.—(1) The Company shall, as soon as may be after the end of each accounting year, furnish to the Minister—
(a) a balance sheet as at the end of the accounting year duly audited by the auditor of the Company,
(b) a profit and loss account for the accounting year so audited, and
(c) a copy of the report of the directors to the shareholders for the accounting year.
(2) The balance sheets and profit and loss accounts required by subsection (1) of this section shall be drawn up in such form as the Minister, with the consent of the Minister for Finance, shall direct.
(3) The Company shall, if so required by the Minister, furnish any information he may require in respect of the balance sheets, profit and loss accounts or reports required by subsection (1) of this section, or in relation to the policy and operations (other than the day-to-day operations) of the Company.
(4) A copy of every balance sheet, profit and loss account and report furnished under subsection (1) of this section to the Minister shall be laid by him before each House of the Oireachtas as soon as may be after such balance sheet, profit and loss account and report are so furnished to him.
Membership of either House of Oireachtas or European Assembly by directors, officers or servants of Company.
11.—(1) Where a director of the Company is nominated as a member of Seanad Éireann or as a candidate for election to either House of the Oireachtas or to the Assembly of the European Communities or is appointed to such Assembly, he shall thereupon cease to be a director of the Company.
(2) Where a person who is either an officer or servant of the company is nominated as a member of Seanad Éireann or as a candidate for election to either House of the Oireachtas or to the Assembly of the European Communities or is appointed to such Assembly, he shall stand seconded from employment by the Company and shall not be paid by, or be entitled to receive from, the Company any remuneration or allowances—
(a) in case he is nominated as a member of Seanad Éireann or is appointed to such Assembly, in respect of the period commencing on such nomination or appointment (as the case may be) and ending when he ceases to be a member of Seanad Éireann or such Assembly,
(b) in case he is nominated as a candidate for election to either such House or to such Assembly, in respect of the period commencing on his nomination and ending when he ceases to be a member of that House or that Assembly (as the case may be) or fails to be elected or withdraws his candidature, as may be appropriate.
(3) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein or who is a member of the Assembly of the European Communities shall, while he is so entitled or is such a member, be disqualified from becoming a director of the Company or an officer or servant of the Company.
(4) If a person who is or was an officer or servant of the Company becomes a member of either House of the Oireachtas or of the Assembly of the European Communities he shall while he is such a member be disqualified from reckoning the period under a superannuation scheme made by the Company and for the time being in force.
Company to meet its costs from revenue.
12.—The Company shall meet all its costs from its operations.
Exemption from stamp duty.
13.—Stamp duty shall not be payable in respect of any conveyance, transfer or other instrument executed for the purpose of vesting property or any interest in property in the Company.
Expenses.
14.—Any 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.
Short title.
15.—This Act may be cited as the Irish Telecommunications Investments Limited Act, 1981.