British & Irish Steam Packet Company Limited (Acquisition) Act, 1965
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —In this Act—
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paragraphs: —The agreement is hereby approved of and the Minister for Finance and the Minister may carry out the agreement so far as the provisions thereof are to be performed by them.
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paragraphs: —(1) All moneys required by the Minister for Finance for the purchase, pursuant to the agreement, of the issued ordinary shares of the Company and for the payment of interest (which may be paid by the Minister for Finance to Coast Lines Limited in respect of the purchase moneys payable by the Minister for Finance to that Company under the agreement for the shares aforesaid to such extent and at such rate as that Minister may deem appropriate from the 2nd day of February, 1965, to the date on which the purchase moneys aforesaid are paid to Coast Lines Limited) shall be advanced out of the Central Fund or the growing produce thereof.
(2) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose, and for the purposes of such borrowing, he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.
(3) The principal of and interest on all securities issued under this section 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.
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paragraphs: —(1) The Minister for Finance may hold for so long as he thinks fit the shares of the Company acquired by him under 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.
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paragraphs: —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.
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paragraphs: —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.
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paragraphs: —Shares of the Company shall not be issued by the Company without the consent of the Minister for Finance given after consultation with the Minister.
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paragraphs: —(1) The number of directors of the Company shall be such number not exceeding seven as the Minister may, with the consent of the Minister for Finance, from time to time determine and they shall be appointed by (but only by) the Minister in writing with the consent of the Minister for Finance.
(2) A director of the Company shall hold office for such term as the Minister may, with the consent of the Minister for Finance, specify in the document of his appointment.
(3) A director of the Company may be re-appointed a director.
(4) The Minister may, with the consent of the Minister for Finance, remove a director of the Company from office at any time.
(5) The remuneration of directors of the Company shall be determined from time to time by the Minister with the consent of the Minister for Finance.
(6) It shall not be necessary for a director of the Company to hold any shares of the Company.
(7) (a) Each director of the Company who was appointed pursuant to the agreement shall, upon the commencement of this paragraph, be deemed to have vacated his office as director and shall be re-appointed to such office under and subject to the provisions of this section.
(b) Paragraph (a) of this subsection shall come into operation on the 1st day of April, 1965.
(8) The quorum for a meeting of the directors of the Company shall be—
(a) in case there are seven directors, three,
(b) in case there are less than seven directors, two.
num: 9
paragraphs: —(1) There shall be a chairman of the board of directors of the Company who shall be appointed from time to time by (but only by) the Minister with the consent of the Minister for Finance.
(2) The chairman aforesaid shall hold office for such term and upon such terms and conditions (including terms and conditions relating to superannuation benefits) as the Minister may, with the consent of the Minister for Finance, from time to time determine.
(3) The Minister may, with the consent of the Minister for Finance, remove the chairman aforesaid from office at any time.
num: 10
paragraphs: —(1) A managing director of the Company may, if the Minister so thinks fit, be appointed from time to time from amongst the directors by (but only by) that Minister with the consent of the Minister for Finance.
(2) A managing director of the Company shall hold office for such term and upon such terms and conditions (including terms and conditions relating to superannuation benefits) as may be determined by the Minister with the consent of the Minister for Finance.
(3) The Minister may, with the consent of the Minister for Finance, remove a managing director of the Company from office at any time.
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paragraphs: —(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) the report of the directors to the shareholders for such accounting year.
(2) The balance sheet and profit and loss account and report furnished to the Minister pursuant to subsection (1) of this section 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.
(3) 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.
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paragraphs: —The appointment by the Company of an auditor to the Company shall be subject to the approval of the Minister.
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paragraphs: —(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 Ãireann, 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 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 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.
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paragraphs: —The Company shall take such steps as may be necessary under the Companies Act, 1963 , to alter the memorandum and articles of association of the Company to make them consistent with this Act.
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paragraphs: —Notwithstanding anything contained in the Companies Act, 1963 , 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 with the consent of the Minister for Finance.
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paragraphs: —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.
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paragraphs: —This Act may be cited as the British & Irish Steam Packet Company Limited (Acquisition) Act, 1965.