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Uimhir 5 de 1987
AN tACHT UM CHORPARÁID FORBARTHA NÁISIÚNTA, 1986
RIAR NA nALT
Réamhráiteach agus Ginearálta
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3. | Comhlachtaí Stát-tionscanta agus fiontair thráchtála Stát-tionscanta. |
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Corparáid Forbartha Náisiúnta Teoranta a Bhunú
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12. | Srian le meabhrán comhlachais agus airteagail chomhlachais a athrú. |
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Forálacha Maidir le Stiúrthóirí agus Foireann
Ilghnéitheach
28. | Fochuideachtaí agus infheistíocht i bhfiontair seachas i bhfochuideachtaí. |
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31. | |
32. | An Ghníomhaireacht a dhíscaoileadh agus a maoin a aistriú, etc. |
33. |
Comhlachtaí Stát-Tionscanta
Fiontair Thráchtála Stát-Tionscanta
Na hAchtanna dá dTagraítear | |
Finance Act, 1895 | 1895, c. 16 |
Uimhir 5 de 1986
AN tACHT UM CHORPARÁID FORBARTHA NÁISIÚNTA, 1986
[An tiontú oifigiúil]
CUID I
Réamhráiteach agus Ginearálta
Gearrtheideal.
1.—Féadfar an tAcht um Chorparáid Forbartha Náisiúnta, 1986, a ghairm den Acht seo.
Léiriú.
2.—(1) San Acht seo, ach amháin mar a n-éilíonn an comhthéacs a mhalairt—
ciallaíonn “an Ghníomhaireacht” an Ghníomhaireacht Fiontair Náisiúnta Teoranta;
ciallaíonn “Achtanna na gCuideachtaí” Acht na gCuideachtaí, 1963, agus na hachtacháin lena leathnaítear nó lena leasaítear an tAcht sin;
ciallaíonn “an Chorparáid” An Chorparáid Forbartha Náisiúnta Teoranta;
ciallaíonn “fiontar” gnóthas tionscail lena n-áirítear gnóthas atá coimhdeach do thionscal nó gnóthas tráchtála (seachas gnóthas a mbaineann a fheidhmeanna go hiomlán nó go formhór le seirbhísí a chur ar fáil i ndáil le baincéireacht, árachas, cúrsaí dlí, comhchomhairle bainisteoireachta, fógraíocht, caidreamh poiblí nó airgeadas);
folaíonn “feidhmeanna” cumhachtaí agus dualgais;
tá le “cuideachta shealbhaíochta” an bhrí a shanntar dó le halt 155 d'Acht na gCuideachtaí, 1963;
folaíonn “margú” aon earraí nó seirbhísí a dhíol agus a chur chun cinn;
ciallaíonn “an tAire” an tAire Tionscail agus Tráchtála;
ciallaíonn “urrúis” scaireanna i scairchaipiteal aon chomhlachta chorpraithe, nó stoc aon chomhlachta chorpraithe nó bintiúir, stoc bintiúir nó bannaí de chuid aon chomhlachta chorpraithe, cibé acu is muirear nó nach muirear iad ar shócmhainní an chomhlachta, nó cearta nó leasa (tuairiscthe mar aonaid nó ar shlí eile) in aon scaireanna, stoc, bintiúir, stoc bintiúir nó bannaí den sórt sin;
tá le “comhlacht Stát-tionscanta” an bhrí a shanntar dó le halt 3;
tá le “fiontar tráchtála Stát-tionscanta” an bhrí a shanntar dó le halt 3;
tá le “fochuideachta” an bhrí a shanntar dó le halt 155 d'Acht na gCuideachtaí, 1963;
ciallaíonn “lá dílseacháin” an lá a cheaptar le halt 7 chun bheith ina lá dílseacháin chun críocha an Achta seo.
(2) Tagairt san Acht seo d'alt is tagairt í d'alt den Acht seo, mura léirítear gur tagairt d'achtachán éigin eile atá beartaithe.
(3) Tagairt san Acht seo d'fho-alt is tagairt í don fho-alt ina bhfuil an tagairt mura léirítear gur tagairt d'fhoráil éigin eile atá beartaithe.
(4) Forléireofar tagairt san Acht seo d'aon achtachán mar thagairt don achtachán sin arna leasú nó arna oiriúnú le haon achtachán iardain nó faoi.
Comhlachtaí Státtionscanta agus fiontair thráchtála Stát-tionscanta.
3.—(1) Is comhlacht Stát-tionscanta chun críocha an Achta seo gach comhlacht a shonraítear sa Chéad Sceideal a ghabhann leis an Acht seo.
(2) Is fiontar tráchtála Stát-tionscanta chun críocha an Achta seo gach comhlacht a shonraítear sa Dara Sceideal a ghabhann leis an Acht seo.
(3) Féadfaidh an tAire le hordú an Chéad Sceideal nó an Dara Sceideal a ghabhann leis an Acht seo a leasú trí ainm aon chomhlachta a chur le ceachtar Sceideal nó a scriosadh de cheachtar Sceideal.
Orduithe.
4.—(1) Déanfar gach ordú a dhéanfar faoi alt 3 a leagan faoi bhráid gach Tí den Oireachtas a luaithe is féidir tar éis a dhéanta agus má dhéanann ceachtar Teach, laistigh den lá is fiche a shuífidh an Teach sin tar éis an t-ordú sin a leagan faoina bhráid, rún a rith ag neamhniú an ordaithe, beidh an t-ordú ar neamhní dá réir sin ach sin gan dochar do bhailíocht aon ní a rinneadh roimhe sin faoin ordú.
(2) Aon uair a bheartaítear ordú a dhéanamh faoi alt 15, leagfar dréacht den ordú faoi bhráid gach Tí den Oireachtas agus ní dhéanfar an t-ordú go dtí go mbeidh rún ag ceadú an dréachta rite ag gach Teach acu sin.
Caiteachais.
5.—Déanfar na caiteachais a thabhóidh an tAire ag riaradh an Achta seo a íoc, a mhéid a cheadóidh an tAire Airgeadais, as airgead a sholáthróidh an tOireachtas.
CUID II
Corparáid Forbartha Náisiúnta Teoranta a Bhunú
Corparáid a fhoirmiú agus a chlárú.
6.—A luaithe is féidir tar éis an tAcht seo a rith, déanfaidh an tAire gach beart is dóigh leis is gá nó is inmhianaithe chun a chur faoi deara go ndéanfar cuideachta theoranta (dá ngairtear “an Chorparáid” san Acht seo) a bheidh de réir na gcoinníollacha a leagtar síos san Acht seo a fhoirmiú agus a chlárú faoi Achtanna na gCuideachtaí.
Lá dílseacháin.
7.—Déanfaidh an tAire le hordú, a luaithe is féidir tar éis don Chorparáid a bheith cláraithe, lá a cheapadh chun bheith ina lá dílseacháin maidir leis an gCorparáid.
Ainm agus caipiteal na Corparáide.
8.—(1) Is é ainm na Corparáide a bhunófar faoi alt 6, An Chorparáid Forbartha Náisiúnta Teoranta, nó sa Bhéarla an National Development Corporation Limited.
(2) Is é scairchaipiteal na Corparáide £300,000,000 arna roinnt ina scaireanna £1 an ceann agus beidh de chumhacht ag an gCorparáid, le toiliú an Aire arna thabhairt le toiliú an Aire Airgeadais, na scaireanna i gcaipiteal na Corparáide a roinnt ina n-aicmí leithleacha agus aon chearta, pribhléidí nó coinníollacha tosaíochta, iarchurtha, cáilithe nó speisialta a chur ag gabháil leo faoi seach.
(3) Féadfaidh an tAire Airgeadais, le toiliú an Aire, scaireanna sa Chorparáid a thógáil trí shuibscríobh, ag féachaint do mhéid na hinfheistíochta caipitiúla a bheidh beartaithe ag an gCorparáid agus do mhéid an chaipitil a bheidh ar fáil ag an gCorparáid óna cistí féin.
(4) Féadfaidh an tAire Airgeadais, ó am go ham de réir mar is gá sa chás, chun cibé forálacha d'Achtanna na gCuideachtaí a chomhlíonadh a cheanglaíonn nach foláir beirt chomhalta a bheith ar chuideachta i gcónaí, scair amháin dá chuid sa Chorparáid a aistriú chuig aon duine.
(5) Déanfar scair amháin i scairchaipiteal na Corparáide a leithroinnt ar gach duine de shínitheoirí mheabhrán comhlachais na Corparáide.
(6) Déanfar costas na scaireanna sin a thabhairt ar airleacan do na sínitheoirí as an bPríomh-Chiste nó a thoradh fáis.
(7) Is ar iontaobhas don Aire Airgeadais a shealbhóidh sínitheoirí an mheabhráin comhlachais na scaireanna dá dtagraítear i bhfo-alt (5) agus íocfar gach díbhinn agus íocaíocht eile leis an Aire sin chun tairbhe don Státchiste agus féadfar na scaireanna sin a aistriú chuig duine a ainmneoidh sé.
Foirm an mheabhráin comhlachais.
9.—Is i cibé foirm ar comhréir leis an Acht seo a cheadóidh an tAire le toiliú an Aire Airgeadais agus, de réir mar is iomchuí, le toiliú Aire na Seirbhíse Poiblí, a bheidh meabhrán comhlachais na Corparáide.
Príomhchuspóirí na Corparáide.
10.—(1) Déarfar i meabhrán comhlachais na Corparáide gurb iad príomhchuspóirí na Corparáide—
(a) aon fhiontar a bhunú, ina aonar nó i gcomhpháirt le fiontar tráchtála Stát-tionscanta, ar fiontar é a bhfuil cumas ann, i dtuairim na Corparáide, chun bheith brabúsach agus éifeachtach agua a bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(b) infheistíocht a dhéanamh, i gcomhairle, nuair is iomchuí, le comhlachtaí Stát-tionscanta, in aon fhiontar (lena n-áirítear aon fhiontar atá ar lánúinéireacht nó ar pháirtúinéireacht ag fiontar tráchtála Stát-tionscanta) atá, i dtuairim na Corparáide, brabúsach agus éifeachtach nó a bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus a bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(c) bainistíocht a dhéanamh agus cúnamh a thabhairt (le hairgead nó ar shlí eile), lena n-áirítear páirt a ghlacadh i gcomhfhiontair, i ndáil le bunú, cur chun cinn agus forbairt aon fhiontair (lena n-áirítear aon fhiontar atá ar lán-úinéireacht nó ar pháirtúinéireacht ag fiontar tráchtála Státtionscanta) atá, i dtuairim na Corparáide, brabúsach agus éifeachtach nó a bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus a bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(d) infheistíocht a dhéanamh in aon fhiontar atá á bhunú nó a bunaíodh chun freastal ar thurasóirí agus atá, i dtuairim na Corparáide, brabúsach agus éifeachtach, nó a bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus a bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(e) cúnamh a thabhairt (le hairgead nó ar shlí eile) d'aon fhiontar tráchtála Stát-tionscanta a bhunófar tar éis dháta rite an Achta seo a bhfuil, i dtuairim na Corparáide, cumas ann chun bheith brabúsach agus éifeachtach agus a bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil nó fiontar tráchtála Stát-tionscanta den sórt sin a bhainistí nó gníomhú mar chuideachta shealbhaíochta dó;
(f) cúnamh a thabhairt (le hairgead nó ar shlí eile) d'aon fhiontar arna bhunú ag comhlacht tráchtála Stát-tionscanta atá, i dtuairim na Corparáide, brabúsach agus éifeachtach, nó a bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus a bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil nó fiontar den sórt sin a bhainistí nó gníomhú mar chuideachta shealbhaíochta dó;
(g) infheistíocht a dhéanamh in aon fhiontar a bhfuil baint aige le saothrú, forbairt, táirgeadh nó margú acmhainní nádúrtha, lena n-áirítear acmhainní talmhaíochta, iascaigh agus foraoiseachta más rud é, i dtuairim na Corparáide, go bhfuil an fiontar sin brabúsach agus éifeachtach nó go bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus go bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(h) infheistíocht a dhéanamh in aon fhiontar a n-áirítear ar a chuid feidhmeanna conarthaí soláthair fad-tréimhseacha a fhorbairt nó a dhéanamh idir táirgeoirí agus lucht próiseála más rud é, i dtuairim na Corparáide, go bhfuil an fiontar sin brabúsach agus éifeachtach nó go bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus go bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(i) cúnamh a thabhairt (le hairgead nó ar shlí eile) d'aon fhiontar atá ag gabháil do sheirbhísí margaithe agus seirbhísí comhghaolmhara a bhunú, a chur chun cinn, a fhorbairt nó a sholáthar d'earnálacha áirithe tionscail más rud é, i dtuairim na Corparáide, go bhfuil an fiontar sin brabúsach agus éifeachtach nó go bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus go bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(j) aon fhiontar atá ag gabháil do shaothrú taighde a sheoltar in ollscoil nó i bhforas oideachais tríú-leibhéal eile, sa Láraonad Nuála, sa Lárionad Náisiúnta um Fheidhmiú na Micrileictreonaice, i Seirbhís Fionnachtana na hInstitiúide Taighde Tionscail agus Caighdeán nó i gcomhlachtaí dá samhail sa Stát a bhunú, a chur chun cinn nó cúnamh a thabhairt dó (le hairgead nó ar shlí eile) más rud é, i dtuairim na Corparáide, go bhfuil an fiontar sin brabúsach agus éifeachtach nó go bhfuil cumas ann chun bheith brabúsach agus éifeachtach agus go bhfuil tuar réasúnach faoi maidir le brabúsmhaireacht, forbairt, forás, fás nó fostaíocht inmharthana a chur ar fáil;
(k) infheistíocht a spreagadh (seachas trí aslach airgid) in aon fhiontar inar thug an Chorparáid cúnamh (le hairgead nó ar shlí eile) agus infheistíocht a spreagadh (seachas trí aslach airgid) in aon fhiontar ar cuideachta shealbhaíochta aige an Chorparáid;
(l) ciste infheistíochta a bhunú agus a chothabháil (a luaithe is féidir tar éis an lae dílseacháin) dá ngairfear “an Ciste Infheistíochta Roithleánach don Fhostaíocht” agus a n-íocfar isteach ann aon airgead a ghnóthóidh an Chorparáid ar infheistíochtaí, díbhinní a íocfar leis an gCorparáid agus, faoi réir aon treoracha a eiseoidh an tAire faoi alt 31 (2), aon bhrabúis a fhaibhreoidh chuig an gCorparáid agus a úsáidfear chun na gcríoch dár bunaíodh an Chorparáid.
(2) Beidh aird ag an gCorparáid ar a dualgais ghinearálta faoi alt 13 agus í ag comhlíonadh a cuid cuspóirí.
(3) Beidh cumhacht ag an gCorparáid na nithe seo a leanas go háirithe a dhéanamh—
(a) a cuid infheistíochtaí a dhíol, a réadú nó a dhiúscairt ar shlí eile;
(b) urrúis a fháil, a theachtadh agus a dhiúscairt;
(c) talamh agus maoin eile a fháil agus a dhiúscairt;
(d) aon fhiontar brabúsach nó aon fhiontar ar dóigh go mbeidh sé brabúsach a bhunú, a chur chun cinn, cúnamh a thabhairt dó (le hairgead nó ar shlí eile) nó é a bhainistí;
(e) comhpháirtíochtaí a fhoirmiú nó páirt a ghlacadh iontu;
(f) comharchumainn a fhoirmiú, cúnamh a thabhairt lena bhfoirmiú nó páirt a ghlacadh iontu;
(g) cur isteach ar phaitinní, trádmharcanna, ceadúnais nó cearta maoine intleachta nó tionscail eile nó an céanna a cheannach nó a fháil ar shlí eile nó a dhíol nó a dhiúscairt ar shlí eile;
(h) fostaithe, comhchomhairleoirí nó comhairleorí eile a fhostú agus a íoc;
(i) iasachtaí a fháil go sealadach (faoi réir alt 20);
(j) bronntanas airgid, urrús, talún agus maoine eile a ghlacadh ar cibé iontaobhais agus coinníollacha (más ann) a shonróidh an deontóir);
(k) iasacht a thabhairt d'aon fhiontar ar choinníoll nach mbeidh an iasacht sin ar neamhréir le forálacha alt 15.
(4) Ní choiscfidh ná ní shrianfaidh rud ar bith san alt seo go n-áireofaí i measc chuspóirí na Corparáide mar a luaitear iad sa mheabhrán comhlachais gach cuspóir agus cumhacht is gá nó is iomchuí go réasúnach d'fhonn na príomhchuspóirí sin a dúradh a chur i gcrích go cuí nó atá coimhdeach nó teagmhasach leis an gcur i gcrích sin agus nach bhfuil ar neamhréir leis an Acht seo.
(5) Beidh cumhacht ag an gCorparáid aon ní a dhéanamh is deal raitheach a bheith riachtanach, nó ina chuidiú dar léi, chun go gcomhlíonfadh sí aon cheann dá cuspóirí mar a shonraítear iad san Acht seo nó ina meabhrán comhlachais agus nach bhfuil ar neamhréi le haon achtachán atá i bhfeidhm de thuras na huaire.
(6) Ní fhorléireofar aon ní san Acht seo mar ní a chuirfidh ar chumas na Corparáide deontais a thabhairt d'aon fhiontar.
Foirm na n-airteagal comhlachais.
11.—(1) Is i cibé foirm ar comhréir leis an Acht seo a cheadóidh an tAire le toiliú an Aire Airgeadais agus, de réir mar is iomchuí, toiliú Aire na Seirbhíse Poiblí, a bheidh airteagail chomhlachais na Corparáide.
(2) Forálfaidh airteagail chomhlachais na Corparáide—
(a) nach mó líon na stiúrthóirí (agus an cathaoirleach san áireamh) ná naonúr;
(b) gurb é an tAire a cheapfaidh an cathaoirleach agus na stiúrthóirí eile (seachas an stiúrthóir bainistíochta) agus go bhféadfaidh sé iad a chur as oifig;
(c) go ndéanfar gach stiúrthóir (seachas an stiúrthóir bainistíochta ach an cathaoirleach san áireamh) a cheapadh go ceann tréimhse nach faide ná cúig bliana agus go bhféadfaidh an tAire an ceapachán sin a athnuachan;
(d) gurb é an tAire le toiliú Aire na Seirbhíse Poiblí a chinnfidh luach saothair an chathaoirligh agus na stiúrthóirí (seachas an stiúrthóir bainistíochta);
(e) go ndéanfaidh na stiúrthóirí, le toiliú an Aire, stiúrthóir bainistíochta a cheapadh ar cibé téarmaí agus coinníollacha a cheadóidh an tAire tar éis dó dul i gcomhairle le hAire na Seirbhíse Poiblí;
(f) nach gceapfar aon duine mar iniúchóir don Chorparáid gan ceadú an Aire arna thabhairt le toiliú an Aire Airgeadais.
Srian le meabhrán comhlachais agus airteagail chomhlachais a athrú.
12.—D'ainneoin aon ní in Achtanna na gCuideachtaí, ní bheidh aon athrú i meabhrán comhlachais nó in airteagail chomhlachais na Corparáide bailí ná éifeachtúil mura le ceadú roimh ré ón Aire, arna thabhairt le toiliú an Aire Airgeadais agus, de réir mar is iomchuí, le toiliú Aire na Seirbhíse Poiblí, a dhéanfar é.
Dualgas ginearálta na Corparáide.
13.—Is é dualgas ginearálta na Corparáide—
(a) cúnamh a thabhairt leis an méid is mó d'fhostaíocht inmharthana a chruthú sa Stát, agus
(b) a cuid cuspóirí a chomhlíonadh, ar a n-áireofar infheistíochtaí a rinne sí a réadú a luaithe is a bheidh sé críonna sin a dhéanamh ó thaobh airgeadais agus tráchtála, ar shlí a chumasóidh don Chorparáid brabach réasúnach a dhéan amh ar aon infheistíocht a rinne sí agus a chinnteoidh go mbeidh airgead ar fáil don Chiste Infheistíochta Roithleánach don Fhostaíocht.
Faisnéis a thabhairt don Aire.
14.—(1) Cuirfidh an Chorparáid scéala i scríbhinn chuig an Aire i dtaobh gach infheistíocht a dhéanfaidh sí, an teorainn ama a bheidh socraithe aici maidir le baint a bheith aici leis an infheistíocht sin agus aon chinneadh iardain teorainn ama ar bith den sórt sin a fhadú.
(2) Maidir le haon teorainn ama a shocróidh an Chorparáid maidir le baint a bheith aici le hinfheistíocht áirithe a dhéantar faoin Acht seo tabharfar aird ar imthosca áirithe na hinfheistíochta.
(3) Tabharfaidh an Chorparáid faisnéis don Aire, nuair a iarrfaidh an tAire uirthi sin a dhéanamh, i dtaobh na n-infheistíochtaí a bheidh ar teachtadh ag an gCorparáid.
Méid uasta na n-infheistíochtaí.
15.—(1) Faoi réir fho-alt (2) agus fho-alt (3), ní dhéanfaidh an Chorparáid, gan cead roimh ré ón Aire, méid nó méideanna is mó san iomlán ná £1,000,000 a infheistiú i bhfiontar.
(2) Faoi réir fho-alt (3), ní dhéanfaidh an Chorparáid, gan toiliú an Rialtais, méid nó méideanna is mó san iomlán ná £2,500,000 a infheistiú i bhfiontar.
(3) (a) Féadfaidh an Chorparáid, faoi réir fho-alt (1) agus fho-alt (2), de bhreis ar aon infheistíocht chothromais a dhéanfaidh sí i bhfiontar, iasacht a thabhairt don fhiontar sin; ar choinníoll
(i) nach rachaidh méid na hiasachta thar 30 faoin gcéad d'infheistíocht thosaigh na Corparáide san fhiontar sin, agus
(ii) go dtabharfar an iasacht sin mar chuid d'infheistíocht thosaigh na Corparáide san fhiontar sin.
(b) Ní bheidh cumhacht ag an gCorparáid faoin alt seo níos mó ná iasacht amháin a dhéanamh le gach fiontar ina ndéanfaidh sí infheistíocht.
(4) Féadfaidh an tAire ó am go ham—
(a) an méid a shonraítear i bhfo-alt (1), agus
(b) an méid a shonraítear i bhfo-alt (2)
a athrú le hordú.
(5) Is é an ráta úis ar gach iasacht faoin alt seo cibé ráta a ordóidh an tAire, le toiliú an Aire Airgeadais, go ginearálta nó in aon chás áirithe.
Cumhacht an Aire Airgeadais mar scairshealbhóir.
16.—Féadfaidh an tAire Airgeadais, maidir leis na scaireanna sa Chorparáid a bheidh á sealbhú aige de thuras na huaire, gach ceart agus cumhacht nó aon cheart agus cumhacht is infheidhmithe ó am go ham ag sealbhóir na scaireanna sin a fheidhmiú agus i gcás na cearta nó na cumhachtaí sin a bheith infheidhmithe trí aturnae, féadfaidh an tAire sin, más cuí leis é, na cearta nó na cumhachtaí sin a fheidhmiú trína aturnae.
Díbhinní, etc. a íoc isteach sa Státchiste.
17.—Na díbhinní nó an t-airgead eile go léir a gheobhaidh an tAire Airgeadais i leith scaireanna na Corparáide, déanfar iad a íoc isteach sa Státchiste nó a chur chun tairbhe don Státchiste i cibé slí a ordóidh sé.
Airgead a sholáthar le haghaidh suibscríobh scaireanna.
18.—An t-airgead go léir a bheidh ag teastáil ón Aire Airgeadais faoi chomhair íocaíochtaí is gá dó a dhéanamh i leith scaireanna a thóg sé sa Chorparáid, déanfar iad a airleacan as an bPríomh-Chiste nó as a thoradh fáis.
Srian le scaireanna a eisiúint.
19.—Ní dhéanfar scaireanna sa Chorparáid a eisiúint mura mbeidh an tAire Airgeadais, tar éis dó dul i gcomhairle leis an Aire, tar éis an eisiúint a údarú.
Iasachtaí díomuana ag an gCorparáid.
20.—Féadfaidh an Chorparáid, le toiliú an Aire arna thabhairt le ceadú an Aire Airgeadais, cibé suimeanna (nach mó san iomlán ná £500,000) a theastóidh uaithi faoi chomhair caiteachais reatha a fháil ar iasacht go díomuan trí chomhshocraíochtaí le baincéirí nó ar shlí eile.
Deontais leis an gCorparáid. etc.
21.—(1) Tráth ar bith le linn na tréimhse cúig bliana dar tosach an lá dílseacháin, féadfaidh an tAire, faoi réir cibé coinníollacha is cuí leis agus a shonróidh sé don Chorparáid, deontas nó deontais, i leith chaiteachais riaracháin na Corparáide, ina mbeidh cibé méid nó méideanna a shocróidh an tAire le toiliú an Aire Airgeadais, a íoc leis an gCorparáid gach bliain airgeadais as airgead a sholáthróidh an tOireachtas, faoi réir theorainn £2,000,000 in aon bhliain den sórt sin.
(2) Déanfaidh an Chorparáid, maidir le gach bliain airgeadais nó cibé tréimhse is faide ná sin a shonróidh an tAire, meastachán d'iomlán a caiteachais agus a fáltas a ullmhú agus a sheoladh chuig an Aire (tráth nach déanaí ná dáta a shonróidh an tAire), agus beidh gach meastachán den sórt sin i cibé foirm, agus beidh ag gabháil leis cibé faisnéis bhreise maidir leis an meastachán sin, a éileoidh an tAire.
CUID III
Forálacha Maidir le Stiúrthóirí agus Foireann
Comhaltas de cheachtar Teach den Oireachtas nó de Thionól na gComhphobal Eorpach.
22.—(1) I gcás ina ndéanfar stiúrthóir ar an gCorparáid—
(a) a ainmniú mar chomhalta de Sheanad Éireann, nó
(b) a thoghadh mar chomhalta de cheachtar Teach den Oireachtas nó de Thionól na gComhphobal Eorpach, nó
(c) a mheas, de bhun alt 15 (a cuireadh isteach leis an Acht um Thoghcháin do Thionól na hEorpa, 1984) den Acht um Thoghcháin do Thionól na hEorpa, 1977, mar dhuine a toghadh chun an Tionóil sin chun folúntas a líonadh,
scoirfidh sé air sin de bheith ina stiúrthóir ar an gCorparáid.
(2) I gcás ina ndéanfar duine a bheidh fostaithe ag an gCorparáid—
(a) a ainmniú mar chomhalta de Sheanad Éireann, nó
(b) a thoghadh mar chomhalta de cheachtar Teach den Oireachtas nó de Thionól na gComhphobal Eorpach, nó
(c) a mheas, de bhun alt 15 (a cuireadh isteach leis an Acht um Thoghcháin do Thionól na hEorpa, 1984) den Acht um Thoghcháin do Thionól na hEorpa, 1977, mar dhuine a toghadh chun an Tionóil sin chun folúntas a líonadh,
beidh sé ar iasacht air sin ó fhostaíocht na Corparáide agus ní íocfaidh an Chorparáid leis, ná ní bheidh sé i dteideal go bhfaighidh sé ón gCorparáid, aon luach saothair ná liúntais in aghaidh na tréimhse dar tosach tráth a ainmnithe nó a thofa nó an tráth a mheasfar é amhlaidh mar dhuine a toghadh, de réir mar a bheidh, agus dar críoch an tráth a scoirfidh sé de bheith ina chomhalta de cheachtar Teach acu sin nó den Tionól sin.
(3) Duine a bheidh, de thuras na huaire, i dteideal faoi Bhuan-Orduithe ceachtar Tí den Oireachtas suí sa Teach sin nó is comhalta de Thionól na gComhphobal Eorpach beidh sé, fad a bheidh sé i dteideal amhlaidh nó ina chomhalta den sórt sin, dícháilithe chun bheith ina stiúrthóir ar an gCorparáid nó chun bheith fostaithe in aon cháil ag an gCorparáid.
(4) Gan dochar do ghinearáltacht fho-alt (2), forléireofar an fo-alt sin mar fho-alt a thoirmiscfidh tréimhse a luaitear ann a ríomh mar sheirbhís leis an gCorparáid le haghaidh aon phinsean, aiscí nó liúntas eile is iníoctha ar scor nó ar bhás.
Daoine áirithe a bheith dícháilithe chun bheith ina stiúrthóirí.
23.—I gcás duine—
(a) a breithníodh ina fhéimheach,
(b) a ciontaíodh in aon chion indíotáilte lenar bhain calaois nó mímhacántacht, cibé acu an i ndáil le cuideachta nó nach ea, nó
(c) atá faoi réir ordaithe faoi alt 184 d'Acht na gCuideachtaí, 1963,
beidh sé dícháilithe chun bheith nó chun teacht chun bheith ina stiúrthóir ar an gCorparáid.
Aoisliúntas oifigeach agus seirbhíseach.
24.—(1) A luaithe is caothúil tar éis an lae dílseacháin, ullmhóidh an Chorparáid, agus cuirfidh sí faoi bhráid an Aire lena cheadú a fháil, scéim ranníocach nó scéimeanna ranníocacha chun pinsin, aiscí agus liúntais eile a dheonú do cibé oifigigh nó seirbhísigh de chuid na Corparáide is cuí léi, nó i leith na n-oifigeach nó na seirbhíseach sin, ar scor dóibh nó ar iad d'fháil bháis.
(2) Féadfaidh an Chorparáid, tráth ar bith, scéim lena leasófar nó lena gcúlgairfear scéim faoin alt seo a ullmhú agus a chur faoi bhráid an Aire.
(3) I gcás scéim a chur faoi bhráid an Aire de bhun an ailt seo féadfaidh an tAire, le comhthoiliú Aire na Seirbhíse Poiblí, an scéim a cheadú.
(4) Déanfaidh an Chorparáid scéim a chuirfidh sí faoi bhráid an Aire faoin alt seo a chur i gcrích de réir a téarmaí má cheadaíonn an tAire an scéim le comhthoiliú Aire na Seirbhíse Poiblí.
(5) Socróidh scéim a chuirfear faoi bhráid an Aire agus a cheadófar faoin alt seo an tráth scoir agus na coinníollacha scoir do na daoine go léir a mbeidh pinsin, aiscí nó liúntais iníoctha leo nó ina leith faoin scéim ar scor dóibh nó ar iad d'fháil bháis, agus féadfar tráthanna éagsúla agus coinníollacha éagsúla a shocrú i leith aicmí éagsúla daoine.
(6) Má bhíonn aon díospóid ann i dtaobh éileamh aon duine ar aon phinsean, aisce nó liúntas is iníoctha de bhun scéime faoin alt seo, nó i dtaobh méid an chéanna, cuirfear an díospóid sin faoi bhráid an Aire agus tarchuirfidh seisean chun Aire na Seirbhíse Poiblí í, agus is cinneadh críochnaitheach a bheidh ina chinneadhsan.
(7) Ní dhéanfaidh an Chorparáid aon phinsean, aisce ná liúntas eile a dheonú ar shlí seachas de réir scéime faoin alt seo ar oifigeach nó seirbhíseach don Chorparáid d'eirí as, do scor nó d'fháil bháis.
(8) Gach scéim a chuirfear faoi bhráid an Aire agus a cheadófar faoin alt seo leagfar í faoi bhráid gach Tí den Oireachtas a luaithe is féidir tar éis a ceadaithe agus má dhéanann ceachtar Teach, laistigh den lá is fiche a shuífidh an Teach sin tar éis an scéim a leagan faoina bhráid, rún a rith ag neamhniú na scéime, beidh an scéim ar neamhní dá réir sin ach sin gan dochar do bhailíocht aon ní a rinneadh roimhe sin faoin scéim.
Nochtadh leasa in infheistíochtaí, conarthaí, etc. a bheartaítear a dhéanamh.
25.—(1) Stiúrthóir ar an gCorparáid a bhfuil leas díreach nó indíreach aige in aon tionscal nó fiontar ina mbeartaíonn an Chorparáid infheistiú nó dá mbeartaíonn sí cúnamh a thabhairt ar shlí eile, in aon chuideachta nó gnólacht lena mbeartaíonn an Chorparáid conradh a dhéanamh nó in aon chonradh a bheartaíonn an Chorparáid a dhéanamh—
(a) nochtfaidh sé do Bhord na Corparáide cad é an leas é ag an gcruinniú de Bhord na Corparáide ag a mbreithneofar den chéad uair an ndéanfar an infheistíocht sin nó an dtabharfar an cúnamh sin nó an ndéanfar an conradh sin nó, i gcás nach mbeidh aon leas den sórt sin aige an tráth sin, a luaithe is féidir tar éis dó an leas sin a fháil,
(b) ní ghlacfaidh sé aon pháirt in aon phlé a dhéanfaidh an Bord i ndáil leis an infheistíocht, leis an gcúnamh nó leis an gconradh sin ach amháin a mhéid a cheadóidh cathaoirleach an chruinnithe ag a ndéanfar an plé sin, agus
(c) ní vótálfaidh sé in aon chinneadh i ndáil leis an infheistíocht, leis an gcúnamh nó leis an gconradh sin.
(2) Déanfar nochtadh faoin alt seo a thaifeadadh i miontuairiscí na Corparáide.
(3) I gcás gur deimhin leis an Aire gur mhainnigh stiúrthóir ar an gCorparáid déanamh de réir cheanglais fho-alt (1), féadfaidh sé, más cuí leis, an stiúrthóir sin a bhriseadh ó Bhord na Corparáide agus, má bhristear duine de bhun an fho-ailt seo, beidh sé dícháilithe feasta chun bheith ina stiúrthóir ar an gCorparáid.
Faisnéis a nochtadh.
26.—(1) Ní dhéanfaidh duine, gan toiliú Bhord na Corparáide, ach amháin mar a fhoráiltear a mhalairt le dlí, aon fhaisnéis a nochtadh a gheobhaidh sé le linn dó dualgais mar chathaoirleach, stiúrthóir bainistíochta, stiúrthóir ar an gCorparáid, nó mar fhostaí de chuid na Corparáide nó sainchomhairleoir nó comhairleoir leis an gCorparáid, a chomhlíonadh.
(2) Duine a sháróidh fo-alt (1), beidh sé ciontach i gcion agus dlífear ar é a chiontú go hachomair fíneáil nach mó ná £800 a chur air.
Foireann na Corparáide.
27.—(1) Déanfaidh stiúrthóirí na Corparáide cibé daoine agus cibé líon daoine is cuí leis an gCorparáid ó am go ham a cheapadh chun bheith ina n-oifigigh agus ina seirbhísigh don Chorparáid.
(2) Sealbhóidh oifigeach nó seirbhíseach don Chorparáid a oifig nó a fhostaíocht ar cibé téarmaí agus coinníollacha a chinnfidh an Chorparáid ó am go ham.
(3) Íocfaidh an Chorparáid lena hoifigigh agus lena seirbhísigh cibé luach saothair agus liúntais i leith caiteachas is cuí leis an gCorparáid, agus sin, i gcás a stiúrthóra bainistíochta (cibé an stiúrthóir bain istíochta nó eile a thugtar de thuairisc ar an oifigeach sin), faoi réir cheadú an Aire arna thabhairt le toiliú Aire na Seirbhíse Poiblí.
(4) Nuair a bheidh cinneadh á dhéanamh ag an gCorparáid ar an luach saothair nó ar na liúntais i leith caiteachas a íocfar lena hoifigigh nó lena seirbhísigh nó ar na téarmaí nó ar na coinníollacha ar faoina réir a shealbhaíonn nó a shealbhóidh na hoifigigh nó na seirbhísigh sin a bhfostaíocht, beidh aird ag an gCorparáid ar threoirlínte Rialtais, nó ar threoirlínte ar a bhfuil comhaontaithe ar bhonn náisiúnta, a bheidh ar marthain de thuras na huaire, nó ar pholasaí Rialtais i ndáil le luach saothair agus coinníollacha fostaíochta a bheidh ar marthain amhlaidh, agus, mar bhreis ar an méid sin roimhe seo, déanfaidh an Chorparáid de réir cibé ordachán maidir leis an luach saothair, na liúntais, na téarmaí nó na coinníollacha sin thabharfaidh an tAire ó am go ham don Chorparáid le toiliú Aire na Seirbhíse Poiblí.
CUID IV
Ilghnéitheach
Fochuideachtaí agus infheistíocht i bhfiontair seachas i bhfochuideachtaí.
28.—(1) Féadfaidh an Chorparáid, le toiliú an Aire, arna thabhairt le toiliú an Aire Airgeadais, fochuideachtaí ar lánúinéireacht nó ar pháirtúinéireacht a bhunú chun cuidiú lena cuspóirí a bhaint amach ar cibé téarmaí agus coinníollacha is cuí léi.
(2) Ní dhéanfaidh an Chorparáid infheistíocht i bhfiontar (seachas fiontar faoi fho-alt (1) nó fiontar dá dtagraítear in alt 10 (1) (e) agus (f) dá mba rud é, de thoradh na hinfheistíochta sin—
(a) go rialódh an Chorparáid comhdhéanamh bhord stiúrthóirí an fhiontair sin,
(b) go sealbhódh an Chorparáid níos mó ná leath de réir luacha ainmniúil de scairchaipiteal an fhiontair sin,
(c) go sealbhódh an Chorparáid níos mó ná leath de réir luacha ainmniúil de na scaireanna dá chuid a ngabhann cearta vótála leo (seachas cearta vótála nach n-éiríonn ach in imthosca sonraithe).
(3) D'ainneoin fhorálacha Achtanna na gCuideachtaí, is i cibé foirm a cheadóidh an tAire le toiliú an Aire Airgeadais a bheidh meabhrán comhlachais agus airteagail chomhlachais aon chuideachta a bhunófar faoi fho-alt (1).
(4) Bainfidh forálacha ailt 12, 19, 22, 23, 24, 25, 26, 27, 29 (1), 30, 31 agus 33 le gach fochuideachta a bhunófar faoi fho-alt (1) mar a bhaineann siad leis an gCorparáid.
Cuntais agus iniúchadh.
29.—(1) Coinneoidh an Chorparáid i cibé foirm a cheadóidh an tAire, le toiliú an Aire Airgeadais, na cuntais go léir is cuí agus is gnách ar an airgead go léir a gheobhaidh sí nó a chaithfidh sí, lena n-áirítear cuntas sochair agus dochair agus clár comhardaithe agus, go háirithe, coinneoidh sí i cibé foirm mar adúradh gach cuntas speisialta a ordóidh an tAire ó am go ham.
(2) Déanfaidh an Chorparáid cuntais a choinnítear de bhun an ailt seo a chur lena n-iniúchadh chuig iniúchóir a cheapfaidh an Chorparáid, le ceadú an Aire arna thabhairt le toiliú an Aire Airgeadais, chun na cuntais a iniúchadh agus déanfaidh an Chorparáid na cuntais sin, nuair a bheidh siad iniúchta amhlaidh, a thíolacadh don Aire agus cuirfidh seisean faoi deara cóipeanna díobh a leagan faoi bhráid dhá Theach an Oireachtais.
Tuarascálacha, etc. a thabhairt don Aire.
30.—(1) Déanfaidh an Chorparáid, tráth nach déanaí ná sé mhí tar éis dheireadh a bliana airgeadais, tuarascáil a thabhairt don Aire ar a himeachtaí le linn na bliana airgeadais sin agus cuirfidh an tAire faoi deara cóipeanna den tuarascáil a leagan faoi bhráid gach Tí den Oireachtas.
(2) Is i cibé foirm a éileoidh an tAire, le toiliú an Aire Airgeadais, a bheidh tuarascáil a thabharfar faoin alt seo.
(3) Tabharfaidh an Chorparáid don Aire cibé faisnéis maidir le tuarascáil arna tabhairt faoin alt seo nó maidir lena gníomhaíochtaí (seachas gníomhaíochtaí a bhaineann le riarachán ó lá go lá) a iarrfaidh sé ó am go ham.
(4) Leagfar amach i dtuarascáil arna tabhairt faoin alt seo aon ordacháin a thug an tAire faoi alt 31 agus luafar inti cá mhéad a comhlíonadh aon ordachán den sórt sin.
Ordacháin ghinearálta maidir le polasaí.
31.—(1) Féadfaidh an tAire, ó am go ham, cibé ordacháin ghinearálta is cuí leis i dtaobh polasaí agus oibríochtaí (seachas oibríochtaí ó lá go lá) i ndáil le haon chuspóir nó gach cuspóir de na cuspóirí a shonraítear i meabhrán comhlachais na Corparáide a thabhairt i scríbhinn don Chorparáid.
(2) Féadfaidh an tAire, ó am go ham, le toiliú an Aire Airgeadais, a ordú go ndéanfaí brabúis na Corparáide, in aon bhliain ina dtugtar ordachán faoin alt seo, a chur chun feidhme de réir mar a shonrófar san ordachán.
(3) Le linn don Chorparáid a feidhmeanna a fheidhmiú, déanfaidh sí de réir aon ordacháin a thabharfar faoin alt seo.
(4) Ní fhorléireofar aon ní san alt seo mar ní a chuirfidh ar chumas an Aire aon chumhacht nó rialú a fheidhmiú i ndáil le haon infheistíocht faoi leith lena bhfuil nó lena mbeidh an Chorparáid bainteach.
(5) I gcás go dtabharfaidh an tAire ordachán ní foláir don Aire, laistigh de 21 lá ón lá a thabharfar an t-ordachán, a chur faoi deara go leagfar cóip den ordachán faoi bhráid gach Tí den Oireachtas.
An Ghníomhaireacht a dhíscaoileadh agus a maoin a aistriú, etc.
32.—(1) Beidh an Ghníomhaireacht arna díscaoileadh de bhua an ailt seo an lá dílseacháin.
(2) An mhaoin go léir, réadach nó pearsanta (lena n-áirítear ábhair i gcaingean) a bhí, díreach roimh an lá dílseacháin, dílsithe don Ghníomhaireacht nó dá cuid féin aici nó ar teachtadh ar iontaobhas nó faoi réir coinníollacha di, agus na cearta, na cumhachtaí agus na pribhléidí go léir a bhaineann nó a ghabhann le haon mhaoin den sórt sin, tiocfaidh siad chun bheith agus beidh siad, an lá dílseacháin, gan tíolacadh ná sannadh ach faoi réir aistriú, i gcás ar gá sin, i leabhair aon bhainc, corparáide nó cuideachta, dílsithe don Chorparáid nó dá cuid féin aici nó ar teachtadh ar iontaobhas nó faoi réir coinníollacha di (de réir mar is gá sa chás).
(3) An mhaoin go léir a aistrítear leis an alt seo agus a bhí, díreach roimh an lá dílseacháin, i leabhair aon bhainc nó cláraithe i leabhair aon bhainc, corparáide nó cuideachta in ainm na Gníomhaireachta, déanfaidh an banc, an chorparáid nó an chuideachta, ar an gCorparáid á iarraidh sin aon tráth an lá dílseacháin nó dá éis, í a aistriú sna leabhair sin chun ainm na Corparáide.
(4) Gach ábhar i gcaingean a aistrítear leis an alt seo féadfaidh an Chorparáid, an lá dílseacháin nó dá éis, agairt ina leith, é a ghnóthú, nó é a fheidhmiú ina hainm féin agus ní gá don Chorparáid fógra faoin aistriú a dhéantar leis an alt seo a thabhairt don duine a bheidh faoi cheangal ag aon ábhar i gcaingean den sórt sin.
(5) Gach fiach agus dliteanas eile (lena n-áirítear damáistí neamhleachtaithe) a d'eascair ó thortanna nó ó sháruithe conartha a bheidh, díreach roimh an lá dílseacháin, dlite den Ghníomhaireacht agus gan íoc aici nó a bheidh tabhaithe agus gan ghlanadh aici, tiocfaidh sé chun bheith agus beidh sé, an lá dílseacháin, ina fhiach nó ina dhliteanas ar an gCorparáid agus íocfaidh nó glanfaidh an Chorparáid é agus féadfar é a ghnóthú ón gCorparáid nó a fheidhmiú ina haghaidh dá réir sin.
(6) Gach conradh a rinneadh agus a bheidh i bhfeidhm díreach roimh an lá dílseacháin idir an Ghníomhaireacht agus aon duine, leanfaidh sé i bhfeidhm an lá dílseacháin agus dá éis ach forléireofar é agus beidh éifeacht leis ionann is dá gcuirfí an Chorparáid ann in ionad na Gníomhaireachta agus beidh sé infheidhmithe dá réir sin ag an gCorparáid nó ina haghaidh.
(7) I gcás a mbeidh, díreach roimh an lá dílseacháin, aon imeachtaí dlí ar feitheamh ar páirtí iontu an Ghníomhaireacht, cuirfear ainm na Corparáide in ionad ainm na Gníomhaireachta agus ní rachaidh na himeachtaí ar ceal mar gheall ar an gcur-in-ionad sin.
(8) Ní bhainfidh alt 12 den Finance Act, 1895, leis an maoin nó na cearta a aistrítear leis an alt seo a dhílsiú don Chorparáid.
Teorainn le caiteachas áirithe.
33.—Ní dhéanfaidh an Chorparáid, gan ceadú roimh ré ón Aire arna thabhairt le toiliú an Aire Airgeadais, aon airgead a chaitheamh ná aon dliteanas a thabhú i ndáil le háitreabh oifige, trealamh oifige nó aon mhaoin eile réadach nó pearsanta a léasú nó a cheannach i gcás go dtéann aon chaiteachas nó dliteanas den sórt sin thar £250,000 i leith aon léasa nó ceannaigh.
AN CHÉAD SCEIDEAL
Comhlachtaí Stát-Tionscanta
An Bord Iascaigh Mhara
An Chomhairle Oiliúna
An Foras Talúntais
Bord Fáilte Éireann
Córas Tráchtála
Fóir Teoranta
An tÚdarás Forbartha Tionscail
An Institiúid Taighde Tionscail agus Caighdeán
Comhairle Earraí Éireann
Ceardlanna Dearthóireachta Chill Chainnigh Teoranta
An Bord Náisiúnta Eolaíochta agus Teicneolaíochta
Cuideachta Forbartha Aerfort Neamhchustam na Sionna Teoranta
Bord Scannán na hÉireann
Airmheán Táirgiúlachta na hÉireann
An Foras Forbartha Teoranta (The National Institute for Physical Planning and Construction Research Limited)
Údarás na Gaeltachta
An Ghníomhaireacht Fostaíochta don Aos Óg.
AN DARA SCEIDEAL
Fiontair Thráchtála Stát-Tionscanta
Aer Lingus cuideachta phoiblí theoranta
Aerlínte Éireann cuideachta phoiblí theoranta
Aer Rianta cuideachta phoiblí theoranta
Corparáid an Chairde Talmhaíochta cuideachta phoiblí theoranta
An Post
Arramara Teoranta
Bord Gáis Éireann
Bord na Móna
Bord Telecom Éireann
British and Irish Steam Packet Company Limited
Ceimicí Teoranta
Córas Iompair Éireann
Bord Soláthair an Leictreachais
Corparáid an Chairde Tionscail cuideachta phoiblí theoranta
Árachas Saoil na hÉireann cuideachta phoiblí theoranta
Corparáid Náisiúnta Pheitriliam na hÉireann Teoranta
Cruach na hÉireann Teoranta
An Ghníomhaireacht Foirgníochta Náisiúnta Teoranta
Nítrigin Éireann Teoranta
Óstlanna Iompair Éireann Teoranta
Radio Telefís Éireann
Siúicre Éireann cuideachta phoiblí theoranta
Comhlacht Graí Náisiúnta na hÉireann Teoranta
An Bord Árachais Sláinte Shaorálaigh.
Number 5 of 1986
NATIONAL DEVELOPMENT CORPORATION ACT, 1986
ARRANGEMENT OF SECTIONS
Preliminary and General
Section | |
State-sponsored bodies and State-sponsored commercial enterprises. | |
Establishment of National Development Corporation Limited
Restriction on alteration of memorandum and articles of association. | |
Provisions Relating to Directors and Staff
Miscellaneous
Subsidiaries and investment in enterprises other than subsidiaries. | |
State-Sponsored Bodies
State-Sponsored Commercial Enterprises
Acts Referred to | |
1963, No. 33 | |
1977, No. 30 | |
Finance Act, 1895 | 1895, c. 16 |
Number 5 of 1986
NATIONAL DEVELOPMENT CORPORATION ACT, 1986
PART I
Preliminary and General
Short title.
1.—This Act may be cited as the National Development Corporation Act, 1986.
Interpretation.
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.
State-sponsored bodies and Statesponsored commercial enterprises.
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.
Orders.
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.
Expenses.
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.
PART II
Establishment of National Development Corporation Limited
Formation and registration of Corporation.
6.—As soon as may be after the passing of this Act, the Minister shall take all such steps as appear to him to be necessary or desirable to procure that a limited company (in this Act referred to as “the Corporation”) conforming to the conditions laid down in this Act shall be formed and registered under the Companies Acts.
Vesting day.
7.—The Minister shall by order appoint a day to be the vesting day for the Corporation as soon as practicable after the Corporation has been registered.
Name and capital of Corporation.
8.—(1) The name of the Corporation established under section 6 shall be An Chorparáid Forbartha Náisiúnta Teoranta, or in the English language, the National Development Corporation Limited.
(2) The share capital of the Corporation shall be £300,000,000 divided into shares of £1 each and the Corporation shall have the power, with the consent of the Minister given with the consent of the Minister for Finance, to divide the shares in the capital of the Corporation into several classes and to attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions.
(3) The Minister for Finance may, with the consent of the Minister, take up by subscription shares in the Corporation, having regard to the amount of capital investment proposed by the Corporation and the amount of capital available to the Corporation derived from its own funds.
(4) The Minister for Finance may, from time to time as the occasion requires for the purposes of compliance with such provisions of the Companies Acts as require that there shall always be two members of a company, transfer to any person one of his shares in the Corporation.
(5) One share in the share capital of the Corporation shall be allotted to each of the subscribers to the memorandum of association of the Corporation.
(6) The cost of such shares shall be advanced to the subscribers out of the Central Fund or the growing produce thereof.
(7) The shares referred to in subsection (5) shall be held by the subscribers to the memorandum of association in trust for the Minister for Finance and all dividends and other payments shall be paid to the said Minister for the benefit of the Exchequer and such shares may be transferred to a person nominated by him.
Form of memorandum of association.
9.—The memorandum of association of the Corporation shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Finance and, where appropriate, the consent of the Minister for the Public Service.
Principal objects of Corporation.
10.—(1) The principal objects of the Corporation shall be stated in its memorandum of association to be—
(a) to establish either alone or in co-operation with a State-sponsored commercial enterprise, any enterprise which, in the opinion of the Corporation, is capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(b) to invest, in consultation, where appropriate, with State-sponsored bodies, in any enterprise (including any enter prise which is wholly or partly owned by a State-sponsored commercial enterprise) which, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(c) to manage, assist (financially or otherwise), including by participating in joint ventures, in the establishment, promotion and development of any enterprise (including any enterprise which is wholly or partly owned by a State-sponsored commercial enterprise) which, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(d) to invest in any enterprise which is being established or has been established to cater for tourists and which, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(e) to assist (financially or otherwise), manage or act as a holding company for any State-sponsored commercial enterprise established after the passing of this Act which, in the opinion of the Corporation, is capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(f) to assist (financially or otherwise), manage or act as a holding company for any enterprise established by a State-sponsored commercial body which, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(g) to invest in any enterprise involved in the exploitation, development, production or marketing of natural resources, including agricultural, fishery and forestry resources where such an enterprise, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(h) to invest in any enterprise whose functions include developing or entering into long-term supply contracts between producers and processors where such an enterprise, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(i) to assist (financially or otherwise) any enterprise engaged in the establishment, promotion, development or provision of marketing and related services to particular sectors of industry where such an enterprise, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(j) to establish, promote, assist (financially or otherwise) any enterprise engaged in the exploitation of research carried out in a university or other third level educational institution, the Innovation Centre, the National Microelectronics Application Centre, the Inventions Service of the Institute for Industrial Research and Standards or similar bodies in the State where such an enterprise, in the opinion of the Corporation, is profitable and efficient or capable of becoming profitable and efficient and has reasonable prospects for profitability, development, expansion, growth or providing viable employment;
(k) to encourage investment (other than by financial inducement) in any enterprise in which the Corporation has assisted (financially or otherwise) and to encourage investment (other than by financial inducement) in any enterprise of which the Corporation is a holding company;
(l) to establish and maintain (as soon as practicable after the vesting day) an investment fund which shall be known as “the Revolving Investment Fund for Employment”, into which there shall be paid any moneys realised by the Corporation on investments, dividends paid to the Corporation and, subject to any directives issued by the Minister under section 31 (2), any profits accruing to the Corporation and which shall be used for the purposes for which the Corporation is established.
(2) In carrying out its objects the Corporation shall have regard to its general duties under section 13.
(3) The Corporation shall have power in particular—
(a) to sell, realise or otherwise dispose of its investments;
(b) to acquire, hold and dispose of securities;
(c) to acquire and dispose of land and other property;
(d) to establish, promote, assist (financially or otherwise) or manage any profitable enterprise or any enterprise likely to become profitable;
(e) to form or to participate in partnerships;
(f) to form, assist in the formation of or participate in co-operatives;
(g) to apply for, to purchase or otherwise acquire, to sell or otherwise dispose of, patents, trade marks, licences or other industrial or intellectual property rights;
(h) to employ and remunerate employees, consultants, or other advisers;
(i) to borrow temporarily (subject to section 20);
(j) to accept a gift of money, securities, land and other property upon such trusts and conditions (if any) as may be specified by the donor;
(k) to make a loan to any enterprise provided that such a loan is not inconsistent with the provisions of section 15.
(4) Nothing in this section shall prevent or restrict the inclusion among the objects of the Corporation as stated in the memorandum of association of all such objects and powers as are reasonably necessary or proper for or incidental or ancillary to the due attainment of the principal objects aforesaid and are not inconsistent with this Act.
(5) The Corporation shall have power to do anything which appears to be requisite to or which appears to it to facilitate the performance by it of any of its objects as specified in this Act or in its memorandum of association and is not inconsistent with any enactment for the time being in force.
(6) Nothing in this Act shall be construed as enabling the Corporation to give grants to any enterprise.
Form of articles of association.
11.—(1) The articles of association of the Corporation shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Finance and, where appropriate, the consent of the Minister for the Public Service.
(2) The articles of association of the Corporation shall provide that—
(a) the number of directors (including the chairman) shall not be more than nine;
(b) the chairman and the other directors (other than the managing director) shall be appointed and may be removed from office by the Minister;
(c) each director (other than the managing director but including the chairman) shall be appointed for a period not exceeding five years which appointment may be renewed by the Minister;
(d) the remuneration of the chairman and the directors (other than the managing director) shall be determined by the Minister with the consent of the Minister for the Public Service;
(e) the directors shall, with the consent of the Minister, appoint a managing director on such terms and conditions as shall be approved of by the Minister after consultation with the Minister for the Public Service;
(f) no person shall be appointed auditor of the Corporation without the approval of the Minister given with the consent of the Minister for Finance.
Restriction on alteration of memorandum and articles of association.
12.—Notwithstanding anything contained in the Companies Acts, no alteration in the memorandum or articles of association of the Corporation shall 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.
General duty of Corporation.
13.—It shall be the general duty of the Corporation—
(a) to assist in the creation of the maximum amount of viable employment in the State, and
(b) to carry out its objects, which shall include the realisation of investments made by it as soon as is financially and commercially prudent, in such a manner as to enable the Corporation to earn a reasonable return on any investment made by it and ensure that funds are available to the Revolving Investment Fund for Employment.
Information to Minister.
14.—(1) The Corporation shall inform the Minister in writing of each investment made by it, the time limit fixed by it for its involvement in that investment and any subsequent decision to extend any such time limit.
(2) Any time limit fixed by the Corporation in respect of its involvement in a particular investment made under this Act shall have regard to the particular circumstances of the investment.
(3) The Corporation shall, when requested to do so by the Minister, provide information to the Minister about the investments held by the Corporation.
Maximum amount of investments.
15.—(1) Subject to subsection (2) and subsection (3), the Corporation shall not, without the prior permission of the Minister, invest in an enterprise an amount or amounts exceeding in the aggregate £1,000,000.
(2) Subject to subsection (3), the Corporation shall not, without the consent of the Government, invest in an enterprise an amount or amounts exceeding in the aggregate £2,500,000.
(3) (a) The Corporation may, subject to subsection (1) and subsection (2), in addition to any equity investment made by it in an enterprise, make a loan to that enterprise; provided that
(i) the amount of the loan does not exceed 30 per cent. of the initial investment by the Corporation in that enterprise, and
(ii) the said loan is given as part of the initial investment by the Corporation in that enterprise.
(b) The Corporation shall be empowered under this section to make no more than one loan to each enterprise in which it invests.
(4) The Minister may from time to time vary by order—
(a) the amount specified in subsection (1), and
(b) the amount specified in subsection (2).
(5) The rate of interest on every loan made under this section shall be such rate as the Minister, with the consent of the Minister for Finance, shall direct, either generally or in any particular case.
Power of Minister for Finance as shareholder.
16.—The Minister for Finance may, in respect of the shares of the Corporation for the time being held by him, exercise all or any of the rights and powers from time to time exercisable by the holder of such shares, and where such rights or powers are exercisable by attorney, the said Minister may, if he so thinks proper, exercise such rights or powers by his attorney.
Payment of dividends, etc. into Exchequer.
17.—All dividends or other moneys received by the Minister for Finance in respect of the shares of the Corporation shall be paid into or disposed of for the benefit of the Exchequer in such manner as he may direct.
Provision of moneys for share subscription.
18.—All moneys required by the Minister for Finance to meet payments required to be made by him in respect of the shares taken up by him in the Corporation shall be advanced out of the Central Fund or the growing produce thereof.
Restriction on issue of shares.
19.—An issue of shares of the Corporation shall not be made unless the Minister for Finance, after consultation with the Minister, has authorised the issue.
Temporary borrowings by Corporation.
20.—The Corporation may, with the consent of the Minister given with the approval of the Minister for Finance, borrow temporarily either by arrangements with bankers or otherwise such sums (not exceeding in the aggregate £500,000) as it may require for the purpose of providing for current expenditure.
Grants to Corporation, etc.
21.—(1) At any time during the period of five years commencing on the vesting day, the Minister may, subject to such conditions as he thinks proper and specifies to the Corporation, pay to the Corporation in each financial year out of moneys provided by the Oireachtas a grant or grants, in respect of the administrative expenses of the Corporation, of such amount or amounts as the Minister may fix with the consent of the Minister for Finance, subject to a limit of £2,000,000 in any such year.
(2) The Corporation shall, in relation to each financial year, or such longer period as the Minister may specify, prepare and send to the Minister (not later than a date specified by the Minister) an estimate of its total expenditure and receipts, and every such estimate shall be in such form and accompanied by such additional information relating to that estimate as the Minister may require.
PART III
Provisions Relating to Directors and Staff
Membership of either House of the Oireachtas or Assembly of European Communities.
22.—(1) Where a director of the Corporation is—
(a) nominated as a member of Seanad Éireann, or
(b) elected as a member of the either House of the Oireachtas or of the Assembly of the European Communities, or
(c) regarded pursuant to section 15 (inserted by the European Assembly Elections Act, 1984) of the European Assembly Elections Act, 1977, as having been elected to such Assembly to fill a vacancy,
he shall thereupon cease to be a director of the Corporation.
(2) Where a person employed by the Corporation is—
(a) nominated as a member of Seanad Éireann, or
(b) elected as a member of either House of the Oireachtas or of the Assembly of the European Communities, or
(c) regarded pursuant to section 15 (inserted by the European Assembly Elections Act, 1984) of the European Assembly Elections Act, 1977, as having been elected to such Assembly to fill a vacancy,
he shall thereupon stand seconded from employment by the Corporation and shall not be paid by, or be entitled to receive from, the Corporation any remuneration or allowances in respect of the period commencing on such nomination or election or when he is so regarded as having been elected, as the case may be, and ending when he ceases to be a member of either such House or such Assembly.
(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 Corporation or from employment in any capacity by the Corporation.
(4) Without prejudice to the generality of subsection (2), that subsection shall be construed as prohibiting the reckoning of a period therein mentioned as service with the Corporation for the purpose of any pensions, gratuities or other allowances payable on retirement or death.
Disqualification of certain persons from becoming directors.
23.—A person who—
(a) has been adjudged bankrupt,
(b) has been convicted of any indictable offence involving fraud or dishonesty, whether in connection with a company or not, or
(c) is subject to an order under section 184 of the Companies Act, 1963,
shall be disqualified from becoming or from being a director of the Corporation.
Superannuation of officers and servants.
24.—(1) As soon as conveniently may be after the vesting day, the Corporation shall prepare and submit to the Minister for his approval a contributory scheme or schemes for the granting of pensions, gratuities and other allowances on retirement or death to or in respect of such officers or servants of the Corporation as it may think fit.
(2) The Corporation may, at any time, prepare and submit to the Minister a scheme amending or revoking a scheme under this section.
(3) Where a scheme is submitted to the Minister pursuant to this section, the Minister may, with the concurrence of the Minister for the Public Service, approve the scheme.
(4) A scheme submitted to the Minister under this section shall, if approved of by the Minister with the concurrence of the Minister for the Public Service, be carried out by the Corporation in accordance with its terms.
(5) A scheme submitted and approved of under this section shall fix the time and conditions of retirement for all persons to or in respect of whom pensions, gratuities, or allowances on retirement or death are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons.
(6) If any dispute arises as to the claim of any person to, or the amount of, any pension, gratuity or allowance payable pursuant to a scheme under this section, such dispute shall be submitted to the Minister who shall refer it to the Minister for the Public Service, whose decision shall be final.
(7) No pension, gratuity or other allowance shall be granted by the Corporation on the resignation, retirement or death of an officer or servant of the Corporation otherwise than in accordance with a scheme under this section.
(8) Every scheme submitted and approved of under this section shall be laid before each House of the Oireachtas as soon as may be after it is approved of and if either House, within the next twenty-one days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme, the scheme shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.
Disclosure of interest in proposed investments, contracts, etc.
25.—(1) A director of the Corporation who is either directly or indirectly interested in any industry or enterprise in which the Corporation proposes to invest or otherwise assist, any company or concern with which the Corporation proposes to make a contract, or any contract which the Corporation proposes to make—
(a) shall disclose to the Board of the Corporation the nature of such interest at the meeting of the Board of the Corporation at which the question of such investment or assistance or such contract is first considered or, if he has no such interest at that time, as soon as may be after he has acquired such interest,
(b) shall take no part in any deliberations of the Board relating to such investment, assistance or contract save to such extent as the chairman of the meeting, at which such deliberations take place, may permit, and
(c) shall not vote on a decision relating to such investment, assistance or contract.
(2) A disclosure under this section shall be recorded in the minutes of the Corporation.
(3) Where the Minister is satisfied that a director of the Corporation has failed to comply with the requirements of subsection (1), he may, if he thinks fit, remove that director from the Board of the Corporation and, in case a person is removed pursuant to this subsection, he shall thenceforth be disqualified from being a director of the Corporation.
Disclosure of information.
26.—(1) A person shall not, without the consent of the Board of the Corporation, save as otherwise provided by law, disclose any information obtained by him while performing duties as chairman, managing director, director of the Corporation or employee of, or a consultant or adviser to, the Corporation.
(2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £800.
Staff of Corporation.
27.—(1) The directors of the Corporation shall appoint such and so many persons to be officers and servants of the Corporation as the Corporation from time to time thinks proper.
(2) An officer or servant of the Corporation shall hold his office or employment on such terms and conditions as the Corporation from time to time determines.
(3) There shall be paid by the Corporation to its officers and servants such remuneration and allowances for expenses as the Corporation thinks fit, subject to, in the case of its managing director (whether that officer is described as the managing director or otherwise), the approval of the Minister given with the consent of the Minister for the Public Service.
(4) In determining the remuneration or allowances for expenses to be paid to its officers or servants or the terms or conditions subject to which such officers or servants hold or are to hold their employment, the Corporation shall have regard either to Government or nationally agreed guidelines which are for the time being extant, or to Government policy concerning remuneration and conditions of employment which is so extant, and, in addition to the foregoing, the Corporation shall comply with any directives with regard to such remuneration, allowances, terms or conditions which the Minister may give from time to time to the Corporation with the consent of the Minister for the Public Service.
PART IV
Miscellaneous
Subsidiaries and investment in enterprises other than subsidiaries.
28.—(1) The Corporation may, with the consent of the Minister, given with the consent of the Minister for Finance, establish wholly or partly owned subsidiaries to assist in the achievement of its objects on such terms and conditions as it thinks fit.
(2) The Corporation shall not invest in an enterprise (other than an enterprise under subsection (1) or an enterprise referred to in section 10 (1) (e) and (f)) if, as a result of such investment the Corporation were—
(a) to control the composition of the board of directors of that enterprise,
(b) to hold more than half in nominal value of the share capital of that enterprise,
(c) to hold more than half in nominal value of its shares carrying voting rights (other than voting rights which arise only in specified circumstances).
(3) Notwithstanding the provisions of the Companies Acts, the memorandum and articles of association of any company established under subsection (1) shall be in such form as may be approved of by the Minister with the consent of the Minister for Finance.
(4) The provisions of sections 12, 19, 22, 23, 24, 25, 26, 27, 29 (1), 30, 31 and 33 shall apply to each subsidiary established under subsection (1) as the apply to the Corporation.
Accounts and audit.
29.—(1) The Corporation shall keep in such form as may be approved of by the Minister, with the consent of the Minister for Finance, all proper and usual accounts of all moneys received by or expended by it, including a profit and loss account and a balance sheet, and, in particular, shall keep in such form as aforesaid all such special accounts as the Minister may from time to time direct.
(2) Accounts kept in pursuance of this section shall be submitted for audit by the Corporation to an auditor appointed by the Corporation with the approval of the Minister given with the consent of the Minister for Finance, to audit the accounts which, when so audited, shall be presented by the Corporation to the Minister who shall cause copies thereof to be laid before both Houses of the Oireachtas.
Reports, etc. to Minister.
30.—(1) The Corporation shall, not later than six months after the end of its financial year, make a report to the Minister of its proceedings during that financial year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas.
(2) A report made under this section shall be in such form as the Minister, with the consent of the Minister for Finance, may require.
(3) The Corporation shall supply the Minister with such information relating either to a report made under this section or to its activities (other than those relating to day-to-day administration) as he may from time to time request.
(4) A report made under this section shall set out any directives made by the Minister under section 31 and shall state the extent to which any such directive has been complied with.
General policy directives.
31.—(1) The Minister may, from time to time, give to the Corporation such general directives in writing as to policy and operations (other than day-to-day operations) in relation to all or any of the objects specified in the memorandum of association of the Corporation as he considers appropriate.
(2) The Minister may, from time to time, with the consent of the Minister for Finance, direct that the profits of the Corporation, in any year in which a directive is made under this section, be applied in such a manner as may be specified in the directive.
(3) The Corporation, in performing its functions, shall comply with any directive under this section.
(4) Nothing in this section shall be construed as enabling the Minister to exercise any power or control in relation to any particular investment with which the Corporation is or may be concerned.
(5) Where the Minister gives a directive, the Minister shall, within 21 days of the giving of the directive, cause a copy of the directive to be laid before each House of the Oireachtas.
Dissolution of Agency and transfer of its property, etc.
32.—(1) The Agency shall, on the vesting day, be dissolved by virtue of this section.
(2) All property, whether real or personal (including choses-in-action), which immediately before the vesting day was vested in or belonged to or was held in trust or subject to conditions for the Agency and all rights, powers and privileges relating to or connected with any such property, shall on the vesting day, without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company, become and be vested in or the property of or held in trust or subject to conditions for (as the case may require) the Corporation.
(3) All property transferred by this section which immediately before the vesting day was standing in the books of any bank or was registered in the books of any bank, corporation or company in the name of the Agency shall, upon the request of the Corporation made at any time on or after the vesting day, be transferred in those books by the bank, corporation or company into the name of the Corporation.
(4) Every chose-in-action transferred by this section may, on or after the vesting day, be sued upon, recovered, or enforced by the Corporation in its own name and it shall not be necessary for the Corporation to give notice to the person bound by any such chose-in-action of the transfer effected by this section.
(5) Every debt and other liability (including unliquidated damages) arising from torts or breaches of contract which immediately before the vesting day is owing and unpaid or has been incurred and is undischarged by the Agency shall, on the vesting day, become and be the debt or liability of the Corporation and shall be paid or discharged by and may be recovered from and enforced against the Corporation accordingly.
(6) Every contract which was entered into and is in force immediately before the vesting day between the Agency and any person shall continue in force on and after the vesting day, but it shall be construed and have effect as if the Corporation were substituted therein for the Agency and shall be enforceable by or against the Corporation accordingly.
(7) Where, immediately before the vesting day, any legal proceedings are pending to which the Agency is a party, the name of the Corporation shall be substituted for that of the Agency and the proceedings shall not abate by reason of such substitution.
(8) Section 12 of the Finance Act, 1895, shall not apply to the vesting in the Corporation of the property or rights transferred by this section.
Limits on certain expenditure.
33.—The Corporation shall not, without the prior approval of the Minister given with the consent of the Minister for Finance, expend any moneys or incur any liability in respect of leasing or purchasing office premises, office equipment or any other property real or personal where any such expenditure or liability exceeds £250,000 in respect of any lease or any purchase.
FIRST SCHEDULE
State-Sponsored Bodies
An Bord Iascaigh Mhara
An Comhairle Oiliúna
An Foras Talúntais
Bord Fáilte Éireann
Córas Tráchtála
Fóir Teoranta
Industrial Development Authority
Institute for Industrial Research and Standards
Irish Goods Council
Kilkenny Design Workshops Limited
National Board for Science and Technology
Shannon Free Airport Development Company Limited
The Irish Film Board
The Irish Productivity Centre
The National Institute for Physical Planning and Construction Research Limited (An Foras Forbartha Teoranta)
Údarás na Gaeltachta
Youth Employment Agency
SECOND SCHEDULE
State-Sponsored Commercial Enterprises
Aer Lingus public limited company
Aerlínte Éireann public limited company
Aer Rianta cuideachta phoiblí theoranta
Agricultural Credit Corporation public limited company
An Post
Arramara Teoranta
Bord Gáis Éireann
Bord na Móna
Bord Telecom Éireann
British and Irish Steam Packet Company Limited
Ceimicí Teoranta
Córas Iompair Éireann
Electricity Supply Board
Industrial Credit Corporation public limited company
Irish Life Assurance public limited company
Irish National Petroleum Corporation Limited
Irish Steel Limited
National Building Agency Limited
Nitrigin Éireann Teoranta
Óstlanna Iompair Éireann Teoranta
Radio Telefís Éireann
Siúicre Éireann cuideachta phoiblí theoranta
The Irish National Stud Company Limited
The Voluntary Health Insurance Board.