In short
This law allows the Minister for Finance to buy more shares in Aer Lingus, Teoranta, and deals with related financial and legal adjustments.
What it regulates
- The acquisition of additional shares in Aer Lingus, Teoranta, by the Minister for Finance.
- The funding mechanism for these share acquisitions.
- The necessary changes to Aer Lingus, Teoranta's foundational legal documents.
Who it concerns
- The Minister for Finance.
- Aer Lingus, Teoranta.
Key points
- The Minister for Finance can subscribe for further shares in Aer Lingus, Teoranta, up to an amount not exceeding fifteen million pounds.
- All money needed by the Minister for Finance for payments under this Act will come from the Central Fund.
- Aer Lingus, Teoranta, must alter its memorandum and articles of association to be consistent with this Act.
- This Act is cited as the Air Companies (Amendment) Act, 1978, and can be cited collectively with previous acts as the Air Companies Acts, 1966 to 1978.
📄 Legal text
Air Companies (Amendment) Act, 1978
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1978
Air Companies (Amendment) Act, 1978
Air Companies (Amendment) Act, 1978
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Number 28 of 1978
AIR COMPANIES (AMENDMENT) ACT, 1978
ARRANGEMENT OF SECTIONS
Section
1.
Power of Minister for Finance to acquire further shares in Aer Lingus, Teoranta.
2.
Provision of moneys for payments under this Act out of the Central Fund.
3.
Alteration of memorandum and articles of association of Aer Lingus, Teoranta.
4.
Short title and collective citation.
Number 28 of 1978
AIR COMPANIES (AMENDMENT) ACT, 1978
AN ACT TO PROVIDE FOR THE TAKING UP BY THE MINISTER FOR FINANCE OF FURTHER SHARES OF AER LINGUS, TEORANTA, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTER AFORESAID. [12th December, 1978]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Power of Minister for Finance to acquire further shares in Aer Lingus, Teoranta.
1.—In addition to the shares held by him in Aer Lingus, Teoranta, by virtue of
sections 2
and
3
of the
Air Companies Act, 1966
, the Minister for Finance may subscribe for further shares (of any class) of Aer Lingus, Teoranta, to an amount not exceeding fifteen million pounds.
Provision of moneys for payments under this Act out of the Central Fund.
2.—All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him under this Act shall be paid out of the Central Fund or the growing produce thereof.
Alteration of memorandum and articles of association of Aer Lingus, Teoranta.
3.—Aer Lingus, Teoranta, shall take such steps as may be necessary under the
Companies Act, 1963
, to alter its memorandum and articles of association to make them consistent with this Act.
Short title and collective citation.
4.—(1) This Act may be cited as the Air Companies (Amendment) Act, 1978.
(2) The Air Companies Acts, 1966 to 1976, and this Act may be cited together as the Air Companies Acts, 1966 to 1978.
Acts Referred to
Air Companies Act, 1966
1966, No. 4
Companies Act, 1963
1963, No. 33
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.