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Uimhir 32 de 1960.
AN tACHT UM GHABHÁLTAIS CHRUACH NA hÉIREANN TEORANTA, 1960.
[An tiontú oifigiúil.]
Mínithe.
1.—San Acht seo—
ciallaíonn “na hAchtanna Cuideachtaí” na hAchtanna Cuideachtan, 1908 go 1959;
ciallaíonn “an Chuideachta” Gabháltais Chruach na nÉireann Teoranta;
ciallaíonn “an tAire” an tAire Tionscail agus Tráchtála.
Scair-chaipiteal na Cuideachta.
2.—D'ainneoin aon ní sna hAchtanna Cuideachtaí nó i meabhrán comhlachais nó in airteagail chomhlachais na Cuideachta, is é scair-chaipiteal na Cuideachta ceithre mhilliún punt arna roinnt ina scaireanna punt an ceann agus beidh cumhacht ag an gCuideachta, le toiliú an Aire Airgeadais, na scaireanna i gcaipiteal na Cuideachta a roinnt ina n-aicmí leithleacha agus aon chearta, pribhléidí nó coinníollacha tosaíochta, siarainn, cáilithe nó speisialta a chur ag gabháil leo faoi seach.
An tAire Airgeadais do thógáil scaireanna.
3.—(1) Féadfaidh an tAire Airgeadais ó am go ham, tar éis dó dul i gcomhairle leis an Aire, scaireanna d'aon aicme nó aicmí sa Chuideachta a thógáil trí shuibscríobh nó trína gceannach ón sealbhóir suas go dtí méid nach mó san iomlán ná £4,000,000, lena n-áirítear aon suim a caitheadh roimh dháta an Achta seo a rith le ceannach den sórt sin as airgead a sholáthraigh an tOireachtas.
(2) Is as an bPríomh-Chiste nó a thoradh fáis a airleacfar an t-airgead go léir a bheidh ag teastáil ó am go ham, tar éis dáta an Achta seo a rith, ón Aire Airgeadais faoi chomhair íocaíochtaí is gá dó a dhéanamh i leith aon scaireanna a thógfaidh sé nó a gheobhaidh sé ar shlí eile.
An tAire Airgeadais do shealbhú scaireanna.
4.—(1) Féadfaidh an tAire Airgeadais aon scaireanna sa Chuideachta a bheidh sé tar éis a thógáil nó a fháil, cibé acu roimh dháta an Achta seo a rith nó dá éis sin é, a shealbhú an fad is oiriúnach leis é agus, tar éis dó dul i gcomhairle leis an Aire, féadfaidh sé, mar is oiriúnach agus nuair is oiriúnach leis é, na scaireanna sin uile nó aon chuid díobh a dhíol nó a dhiúscairt ar shlí eile.
(2) Déanfar an glan-fháltas ó dhíol scaireanna sa Chuideachta ag an Aire Airgeadais a íoc isteach sa Státchiste nó a chur chun tairbhe don Státchiste.
An tAire Airgeadais d'fheidhmiú cirt nó cumhachta is infheidhmithe ag sealbhóir scaireanna.
5.—Féadfaidh an tAire Airgeadais na cearta agus na cumhachtaí go léir a fheidhmiú i leith scaireanna a bheidh aige sa Chuideachta is infheidhmithe ag sealbhóir scaireanna den sórt sin agus, más trí aturnae is infheidhmithe ceart nó cumhacht, féadfaidh sé an céanna a fheidhmiú trína aturnae.
Díbhinní, etc., a íoc isteach sa Státchiste.
6.—Déanfar na díbhinní agus an t-airgead eile go léir a gheobhaidh an tAire Airgeadais i leith scaireanna sa Chuideachta a íoc isteach sa Státchiste nó a chur chun tairbhe don Státchiste.
An meabhrán comhlachais agus na hairteagail chomhlachais a athrú.
7.—Déanfaidh an Chuideachta na beartanna sin is gá faoi na hAchtanna Cuideachtaí chun meabhrán comhlachais agus airteagail chomhlachais na Cuideachta a athrú chun go mbeidh siad ar comhréir leis an Acht seo.
Leasú ar an Acht Ráthaíocht Stáit, 1954.
8.—Leasaítear leis seo an tAcht Ráthaíocht Stát, 1954, tríd an ábhar go léir atá ag uimhir thagartha 4 a scriosadh as an Sceideal a ghabhann leis an Acht sin.
An tAire do ráthú airgid a gheofar ar iasacht.
9.—(1) Más oiriúnach leis an Aire é, féadfaidh sé, le toiliú an Aire Airgeadais, iasacht don Chuideachta a ráthú.
(2) Aon uair a ráthóidh an tAire iasacht faoin alt seo féadfaidh sé 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 na hiasachta nó go n-íocfar ús ar an iasacht nó go ndéanfar an phríomhshuim sin a aisíoc agus fós an t-ús sin a íoc.
(3) Ní dhéanfaidh an tAire na cumhachtaí a thugtar le fo-ailt (1) agus (2) den alt seo a fheidhmiú i slí go mbeidh méid, nó méid comhiomlán, na príomhshuime a dhlífidh sé aon tráth áirithe a aisíoc ar scór aon ráthaíochta nó ráthaíochtaí faoi na fo-ailt sin a bheidh i bhfeidhm de thuras na huaire, maraon le méid na príomhshuime (más ann) a bheidh íoctha cheana ag an Aire ar scór aon ráthaíochtaí den sórt sin agus nach mbeidh aisíoctha ag an gCuideachta, níos mó ná £500,000.
(4) I gcás ina ndéanfar nó ina ndearnadh ráthaíocht faoin alt seo a thabhairt, tabharfaidh an Chuideachta, má éilíonn an tAire é, cibé urrús (lena n-áirítear, go sonrach, bintiúirí) a shonrófar san éileamh chun aisíoc aon airgid a dhlífidh an tAire a íoc, nó a bheidh íoctha aige, faoin ráthaíocht a áirithiú don Aire.
(5) Déanfaidh an tAire, a luaithe is féidir tar éis deireadh gach bliana airgeadais, ráiteas a leagan faoi bhráid gach Tí den Oireachtas ina luafar maidir le gach ráthaíocht a tugadh faoin alt seo i rith na bliana sin nó a tugadh aon tráth roimh thosach, agus a bhí i bhfeidhm i dtosach, na bliana sin,—
(a) sonraí na ráthaíochta,
(b) i gcás ina ndearna an tAire aon íocaíocht faoin ráthaíocht roimh dheireadh na bliana sin, méid na híocaíochta agus an méid (má b'ann) a aisíocadh leis an Aire ar scór na híocaíochta,
(c) an méid príomhshuime a bhí faoi réim na ráthaíochta agus a bhí gan aisíoc ag deireadh na bliana sin.
(6) Déanfar airgead is gá don Aire a íoc faoi ráthaíocht faoin alt seo a airleacan as an bPríomh-Chiste nó a thoradh fáis.
(7) Déanfaidh an Chuideachta airgead a d'íoc an tAire faoi ráthaíocht faoin alt seo a aisíoc leis an Aire (maraon le hús air de réir cibé rátaí a cheapfaidh an tAire Airgeadais) laistigh de dhá mhí déag ó dháta an airleacain.
(8) I gcás ina mbeidh an t-airgead go léir, nó aon chuid den airgead, a airleacadh faoi fho-alt (6) den alt seo gan aisíoc leis an Aire de réir fho-alt (7) den alt seo, déanfar an tsuim a bheidh gan aisíoc amhlaidh a aisíoc leis an bPríomh-Chiste as airgead a sholáthróidh an tOireachtas.
(9) D'ainneoin airgead a sholáthar faoi fho-alt (8) den alt seo chun suim a aisíoc leis an bPríomh-Chiste, leanfaidh an Chuideachta de bheith faoi dhliteanas ag an Aire i leith na suime sin agus aisíocfaidh an Chuideachta an tsuim sin (maraon le hús uirthi de réir cibé rátaí a cheapfaidh an tAire Airgeadais) leis an Aire cibé tráthanna agus i cibé tráthchodanna a cheapfaidh an tAire Airgeadais agus, mura ndéantar aisíoc mar a dúradh agus gan dochar d'aon mhodh gnóthaithe eile, féadfar í a ghnóthú mar fhiach conartha shimplí in aon chúirt dlínse inniúla.
(10) Déanfar airgead a aisíocfaidh an Chuideachta leis an Aire nó a ghnóthóidh an tAire ón gCuideachta faoin alt seo a íoc isteach sa Státchiste nó a chur chun tairbhe don Státchiste.
Airgead a airleacan as an bPríomh-Chiste.
10.—(1) Chun airgead a sholáthar le haghaidh airleacan as an bPríomh-Chiste faoin Acht seo, féadfaidh an tAire Airgeadais aon suim nó suimeanna a fháil ar iasacht ó dhuine ar bith, agus, chun a céanna a fháil ar iasacht, féadfaidh sé urrúis a chruthnú agus a eisiúint, agus iad faoi cibé ráta úis agus faoi réir cibé coinníollacha i dtaobh aisíoca nó fuascailte, nó eile, is oiriúnach leis, agus íocfaidh sé isteach sa Státchiste an t-airgead a gheobhaidh sé ar iasacht amhlaidh.
(2) Is ar an bPríomh-Chiste nó a thoradh fáis a bheidh muirear agus íoc príomhshuime agus úis aon urrús a eiseoidh an tAire Airgeadais faoin Acht seo agus an chaiteachais faoina rachfar i ndáil le heisiúint na n-urrús sin.
Díolúine ó dhleachtanna stampa.
1891, c. 39.
11.—Ní oibreoidh alt 112 den Stamp Act, 1891, chun a cheangal ar an gCuideachta aon ráiteas a sheachadadh do Chláraitheoir na gCuideachtaí nó aon dleacht stampa a íoc faoin alt sin i leith aon mhéadú ar chaipiteal na Cuideachta a dhéanfar tar éis dáta an Achta seo a rith.
Forálacha ag a mbeidh éifeacht i gcúinsí áirithe.
12.—Beidh éifeacht ag forálacha an Sceidil a ghabhann leis an Acht seo an fad—
(a) a bheidh aon scaireanna sa Chuideachta ag an Aire Airgeadais,
(b) a bheidh aon airgead gan aisíoc a fuair an Chuideachta ar iasacht agus a mbeidh a aisíoc cuí ráthaithe ag an Aire faoin Acht seo, nó
(c) a bheidh aon airgead a fuair an Chuideachta ar iasacht, agus a mbeidh a aisíoc cuí ráthaithe amhlaidh agus a mbeidh a mhéid íoctha ag an Aire faoin ráthaíocht (maraon le hús air de réir na rátaí a cheap an tAire Airgeadais), gan aisíoc ag an gCuideachta leis an Aire nó gan gnóthú ón gCuideachta ag an Aire.
Caiteachas an Aire.
13.—Déanfar an caiteachas faoina rachaidh an tAire ag riaradh an Achta seo a íoc, a mhéid a cheadóidh an tAire Airgeadais, as airgead a sholáthróidh an tOireachtas.
Gearrtheideal.
14.—Féadfar an tAcht um Ghabháltas Chruach na hÉireann Teoranta, 1960, a ghairm den Acht seo.
AN SCEIDEAL.
Forálacha ag a mbeidh éifeacht an fad a bheidh aon scaireanna sa Chuideachta ag an Aire Airgeadais nó aon airgead gan aisíoc a fuair an Chuideachta ar iasacht agus ar ráthaigh an tAire go naisíocfaí é go cuí nó aon airgead a d'íoc an tAire faoi ráthaíocht gan aísioc ag an gCuideachta leis nó gan gnóthú aige ón gCuideachta.
1. D'ainneoin aon ní sna hAchtanna Cuideachtaí nó i meabhrán comhlachais nó airteagail chomhlachais na Cuideachta, ní bheidh aon athrú ar an meabhrán nó na hairteagail sin bailí ná éifeachtúil gan ceadú a bheith faighte chuige roimh ré ón Aire tar éis dó dul i gcomhairle leis an Aire Airgeadais.
2. Ní eiseofar scaireanna sa Chuideachta mura mbeidh an tAire Airgeadais, tar éis dó dul i gcomhairle leis an Aire, tar éis an eisiúint a údarú.
3. Ar stiúrthóir de chuid na Cuideachta d'éirí as oifig nó má fhaigheann stiúrthóir bás, nó ar oifig stiúrthóra a theacht chun bheith folamh de réir airteagail chomhlachais na Cuideachta, dílseoidh an scair a bheidh i seilbh an stiúrthóra sin san Aire Airgeadais, gan aistriú a bheith riachtanach, ar an Aire sin d'íoc par-luach na scaire sin leis an ath-stiúrthóir sin nó lena ionadaí pearsanta dlíthiúil.
4. (1) Tabharfaidh an Chuideachta, a luaithe is féidir é tar éis deireadh gach bliana cuntasaíochta, don Aire—
(a) clár comhardaithe amhail mar bhí ag deireadh na bliana cuntasaíochta sin agus é cuí-iniúchta ag iniúchóir na Cuideachta;
(b) cuntas sochair agus dochair in aghaidh na bliana cuntasaíochta céanna agus é iniúchta mar an gcéanna; agus
(c) cóip de thuarascáil na stiúrthóirí chun na scairshealbhóirí in aghaidh na bliana cuntasaíochta sin.
(2) Beidh an clár comhardaithe agus an cuntas sochair agus dochair a bheidh le tabhairt de bhun fho-mhír (1) den mhír seo dréachtaithe i cibé slí a ordóidh an tAire tar éis dó dul i gcomhairle leis an Aire Airgeadais.
(3) Déanfaidh an tAire cóip de gach clár comhardaithe, de gach cuntas sochair agus dochair agus de gach tuarascáil a thabharfar dó de bhun fho-mhír (1) den mhír seo a leagan faoi bhráid gach Tí don Oireachtas a luaithe is féidir tar éis an clár comhardaithe, an cuntas sochair agus dochair agus an tuarascáil sin a thabhairt amhlaidh dó.
(4) Tabharfaidh an Chuideachta don Aire, má iarrann an tAire uirthi é, cibé eolas a iarrfaidh sé maidir le haon chlár comhardaithe, cuntas sochair agus dochair nó tuarascáil, nó i dtaobh beartas agus gníomhachtaí na Cuideachta.
5. (1) Má ainmnítear duine is stiúrthóir ar an gCuideachta mar iarrthóir le toghadh chun ceachtar Teach an Oireachtais nó mar chomhalta de Sheanad Éireann, scoirfidh sé air sin de bheith ina stiúrthóir ar an gCuideachta.
(2) I gcás duine is oifigeach nó seirbhíseach i bhfostaíocht na Cuideachta a theacht chun bheith ina chomhalta de cheachtar Teach den Oireachtas—
(a) beidh sé, i gcaitheamh na tréimhse dar tosach an dáta a thiocfaidh sé i dteideal, faoi Bhuan-Orduithe an Tí sin, suí sa Teach sin agus dar críoch an dáta a scoirfidh sé de bheith ina chomhalta den Teach sin nó, más túisce a tharlóidh, an dáta a éireoidh sé as an bhfostaíocht sin nó a scoirfidh sé den fhostaíocht sin nó a fhoirceannfaidh an Chuideachta an fhostaíocht sin, ar iasacht ón bhfostaíocht sin,
(b) ní íocfaidh an Chuideachta leis, ná ní bheidh teideal aige go bhfaigheadh sé ón gCuideachta, aon tuarastal ná pá, cibé acu é, in aghaidh na tréimhse sin.
(3) Má thagann duine atá nó a bhí ina oifigeach nó ina sheirbhíseach don Chuideachta chun bheith i dteideal pinsin faoi na hAchtanna um Oifigí Aireachta agus Parlaiminte, 1938 go 1960, ní bheidh sé i dteideal an t-iomlán ná aon chuid dá thréimhse sheirbhíse inphinsin, de réir bhrí na nAchtanna sin, a áireamh le haghaidh aon sochair aoisliúntais is iníoctha faoi scéim, arna déanamh roimh dháta an Achta seo a rith nó dá éis, ag an gCuideachta chun sochair aoisliúntais a íoc le, nó maidir le, hoifigigh nó seirbhísigh na cuideachta.
(4) Aon duine a bheidh de thuras na huaire i dteideal faoi bhuan-Orduithe cheachtar Tí den Oireachtas suí sa Teach sin beidh sé, an fad bheidh sé i dteideal amhlaidh, dícháilithe chun bheith ina stiúrthóir ar an gCuideachta nó ina oifigeach nó ina sheirbhíseach don Chuideachta.
Number 32 of 1960.
IRISH STEEL HOLDINGS LIMITED ACT, 1960.
ARRANGEMENT OF SECTIONS
Section | |
Exercise by the Minister for Finance of right or power exercisable by holder of shares. | |
Acts Referred to | |
1954, No. 9 | |
Stamp Act, 1891 | 1891, c. 39 |
Number 32 of 1960.
IRISH STEEL HOLDINGS LIMITED ACT, 1960.
Definitions.
1.—In this Act—
“the Companies Acts” means the Companies Acts, 1908 to 1959;
“the Company” means Irish Steel Holdings Limited;
“the Minister” means the Minister for Industry and Commerce.
Share capital of the Company.
2.—Notwithstanding anything contained in the Companies Acts or in the memorandum or articles of association of the Company, the share capital of the Company shall be four million pounds divided into shares of one pound each and the Company shall have power, with the consent of the Minister for Finance, to divide the shares in the capital of the Company into several classes and to attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions.
Acquisition of shares by the Minister for Finance.
3.—(1) The Minister for Finance may, after consultation with the Minister, from time to time take up by subscription or purchase from the holder shares of the Company of any class or classes to an amount not exceeding in the aggregate £4,000,000, including any sum expended before the passing of this Act on such purchases from moneys provided by the Oireachtas.
(2) All moneys from time to time required after the passing of this Act by the Minister for Finance to meet payments required to be made by him in respect of any shares taken up or otherwise acquired by him shall be advanced out of the Central Fund or the growing produce thereof.
Holding by the Minister for Finance of shares.
4.—(1) The Minister for Finance may hold for so long as he thinks fit any shares of the Company taken up or acquired by him either before or after the passing of this Act and, after consultation with the Minister, may, as and when he thinks fit, sell or otherwise dispose of all or 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 the Minister for Finance of right or power exercisable by holder of shares.
5.—The Minister for Finance may exercise in respect of the shares of the Company held by him all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his attorney.
Payment of dividends, etc., into Exchequer.
6.—All dividends and other moneys received by the Minister for Finance in respect of shares of the Company shall be paid into or disposed of for the benefit of the Exchequer.
Alteration of memorandum and articles of association.
7.—The Company shall take such steps as may be necessary under the Companies Acts to alter the memorandum and articles of association of the Company to make them consistent with this Act.
Amendment of State Guarantees Act, 1954.
8.—The State Guarantees Act, 1954, is hereby amended by the deletion from the Schedule thereto of all matter contained at reference number 4.
Guarantee by the Minister of borrowings.
9.—(1) The Minister may if he so thinks fit, with the consent of the Minister for Finance, guarantee a loan to the Company.
(2) Whenever the Minister guarantees a loan under this section, he 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 the loan or the payment of interest on the loan or both the repayment of such principal and the payment of such interest.
(3) The Minister shall not so exercise the powers conferred by subsections (1) and (2) of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to repay on foot of any guarantee or guarantees under those subsections for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and has not been repaid by the Company, exceeds £500,000.
(4) Where a guarantee under this section is or has been given, the Company shall, if the Minister so requires, give to him such security (including, in particular, debentures) as may be specified in the requisition for the purpose of securing to the Minister the repayment of any moneys which he may be liable to pay or has paid under the guarantee.
(5) The Minister 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 given under this section 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 the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment,
(c) the amount of principal covered by the guarantee which was outstanding at the end of that year.
(6) Moneys required to be paid by the Minister under a guarantee under this section shall be advanced out of the Central Fund or the growing produce thereof.
(7) Moneys paid by the Minister under a guarantee under this section shall be repaid to the Minister (with interest thereon at such rates as the Minister for Finance appoints) by the Company within twelve months from the date of the advance.
(8) Where the whole or any part of moneys advanced under subsection (6) of this section has not been repaid to the Minister in accordance with subsection (7) of this section, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.
(9) Notwithstanding the provision of moneys under subsection (8) of this section to repay an amount to the Central Fund, the Company shall remain liable to the Minister in respect of that amount and that amount (with interest thereon at such rates as the Minister for Finance appoints) shall be repaid to the Minister by the Company at such times and in such instalments as the Minister for Finance 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.
(10) Moneys repaid by the Company to the Minister or recovered from the Company by the Minister under this section shall be paid into or disposed of for the benefit of the Exchequer.
Advance of moneys out of Central Fund.
10.—(1) For the purpose of providing for advances out of the Central Fund under this Act, the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.
(2) The principal of and interest on any securities issued by the Minister for Finance under this Act and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.
Exemption from stamp duties.
11.—Section 112 of the Stamp Act, 1891, shall not operate so as to require the Company to deliver to the Registrar of Companies any statement or to pay any stamp duty under that section in respect of any increase of the capital of the Company effected after the passing of this Act.
Provisions having effect in certain circumstances.
12.—The provisions of the Schedule to this Act shall have effect so long as—
(a) the Minister for Finance holds any shares of the Company, or
(b) any moneys borrowed by the Company, the due repayment of which is guaranteed by the Minister under this Act, have not been repaid, or
(c) any moneys borrowed by the Company, the due repayment of which is so guaranteed and the amount of which has been paid by the Minister under the guarantee, have not (together with interest thereon at the rates appointed by the Minister for Finance) been repaid by the Company to him or recovered from the Company by him.
Expenses of the Minister.
13.—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.
Short title.
14.—This Act may be cited as the Irish Steel Holdings Limited Act, 1960.
SCHEDULE.
Provisions having effect so long as the Minister for Finance holds any shares of the Company or any moneys borrowed by the Company the due repayment of which is guaranteed by the Minister have not been repaid or any moneys paid by the Minister under a guarantee have not been repaid to him by or recovered by him from the Company.
Restriction on alteration of memorandum and articles of association.
1. Notwithstanding anything contained in the Companies Acts or in the memorandum or articles of association of the Company, an alteration in the said memorandum or articles shall not be valid or effectual unless made with the previous approval of the Minister given after consultation with the Minister for Finance.
Restriction on issue of shares.
2. 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.
Vesting in Minister for Finance upon director's death, etc., of share held by such director.
3. Upon the retirement or death of a director of the Company or upon the office of a director becoming vacated in accordance with the articles of association of the Company, the share held by such director shall, without the necessity of a transfer, vest in the Minister for Finance upon payment by the said Minister of the par value of such share to such former director or his legal personal representative.
Obligation to furnish balance sheets, etc., to the Minister.
4. (1) The Company shall as soon as may be after the end of every accounting year furnish to the Minister—
(a) a balance sheet as at the end of such accounting year duly audited by the auditor of the Company;
(b) a profit and loss account for the same accounting year similarly audited; and
(c) a copy of the report of the directors to the shareholders for such accounting year.
(2) The balance sheet and profit and loss account to be furnished pursuant to subparagraph (1) of this paragraph shall be drawn up in such manner as the Minister, after consultation with the Minister for Finance, shall direct.
(3) A copy of every balance sheet, profit and loss account and report furnished to the Minister pursuant to subparagraph (1) of this paragraph 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.
(4) The Company shall, if so required by the Minister, furnish to him such information as he may require in respect of any balance sheet, profit and loss account or report, or in relation to the policy and operations of the Company.
Membership of either House of the Oireachtas by directors, officers or servants of the Company.
5. (1) Where a director of the Company is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a director of the Company.
(2) Where a person who is either an officer or a servant in the employment of the Company becomes a member of either House of the Oireachtas—
(a) he shall, during the period commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from such employment or upon the termination of such employment by the Company, stand seconded from such employment,
(b) he shall not be paid by, or entitled to receive from, the Company any salary or wages, as the case may be, in respect of that period.
(3) If a person who is or was an officer or servant of the Company becomes entitled to a pension under the Ministerial and Parliamentary Offices Acts, 1938 to 1960, he shall not be entitled to reckon the whole or any part of his period of pensionable service, within the meaning of those Acts, for any superannuation benefits payable under a scheme made, either before or after the passing of this Act, by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company.
(4) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall, while so entitled, be disqualified from becoming a director of the Company or an officer or servant of the Company.