Minerals Exploration and Development Company Act, 1941

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MINERALS EXPLORATION AND DEVELOPMENT COMPANY ACT, 1941.

ARRANGEMENT OF SECTIONS

PART I.

Preliminary.

Section

Section 1

Short title.

Section 2

Definitions.

Section 3

Expenses.

PART II.

The Minerals Exploration and Development Company, Limited.

Section 4

Formation and registration of the Company.

Section 5

Name and capital of the Company.

Section 6

The Memorandum of Association of the Company.

Section 7

The Articles of Association of the Company.

Section 8

Alteration of Memorandum and Articles of Association of the Company.

Section 9

Loan to Company to pay expenses of formation.

Section 10

Advances by the Minister to the Company.

Section 11

Payment of interest on advances to the Company.

Section 12

Repayment of advances to the Company.

Section 13

Power of the Minister to require the Company to prospect.

Section 14

Powers of the Minister for Finance as shareholder.

Section 15

Obligation to hold shares in trust for the Minister for Finance.

Section 16

Payment of dividends, etc., into the Exchequer.

Section 17

Obligation to furnish balance sheets, etc., to the Minister.

PART III.

Acquisition of Existing Mining Businesses by the State.

Section 18

Acquisition of existing mining businesses.

Section 19

Acquisition of existing mining business by agreement.

Section 20

Notice of proposal to make mining business acquisition orders.

Section 21

Contents and operation of mining business acquisition orders.

Section 22

Compensation in respect of mining business acquisition orders.

Section 23

Applications for compensation in respect of mining business acquisition orders.

Section 24

Assessment of compensation in respect of mining business acquisition orders.

Section 25

Deductions from compensation of debts due to the State.

Section 26

Lease or licence to the Company of acquired minerals.

Section 27

Annual reports by the Company.

Act Referred to Minerals Development Act, 1940 No. 31 of 1940 Number 13 of 1941.

MINERALS EXPLORATION AND DEVELOPMENT COMPANY ACT, 1941.

AN ACT TO MAKE PROVISION FOR THE PROMOTION BY THE MINISTER FOR INDUSTRY AND COMMERCE OF A LIMITED COMPANY FOR PROSPECTING FOR AND DEVELOPING MINERALS OTHER THAN COAL, AND TO MAKE DIVERS PROVISIONS IN RESPECT OF SUCH COMPANY AND FOR MATTERS CONNECTED THEREWITH. [4th June, 1941.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

PART I.

Preliminary.

Short title.

1.—This Act may be cited as the Minerals Exploration and Development Company Act, 1941.

Definitions.

2.—In this Act— the expression “the Minister” means the Minister for Industry and Commerce; the expression “the Act of 1940” means the Minerals Development Act, 1940 (No. 31 of 1940) the expression “the Companies Acts” means the Companies Acts, 1908 to 1924; the expression “the Mining Board” means the Board established under that name by the Act of 1940; the word “minerals” has the same meaning as it has in the Act of 1940, save that the said word does not include coal; the word “work”, when used in relation to minerals, includes digging, searching for, mining, getting, raising, taking, carrying away, treating and converting the minerals in relation to which the said word is used, and cognate words shall be construed accordingly; the expression “existing mining business” means any business which is, at the passing of this Act, a going concern engaged mainly or exclusively in working minerals and making merchantable and disposing of the minerals got by such working; the expression “State minerals” has the same meaning as it has in the Act of 1940; the expression “prospecting licence” means a prospecting licence within the meaning of the Act of 1940; the expression “State mining lease” means a State mining lease within the meaning of the Act of 1940.

Expenses.

3.—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.

The Minerals Exploration and Development Company, Limited.

Formation and registration of the Company.

4.—As soon as may be after the passing of this Act the Minister shall, after consultation with the Minister for Finance, take all such steps as appear to him necessary or desirable to procure that a limited company (in this Act referred to as “the Company”) conforming to the conditions laid down in this Act shall be formed and registered under the Companies Acts.

Name and capital of the Company.

5.—(1) The name of the Company shall be “Comhlucht Lorgtha agus Forbartha Mianraí, Teoranta”.

The Memorandum of Association of the Company.

6.—(1) The Memorandum of Association of the Company shall be in such form consistent with this Act as shall be approved of by the Minister after consultation with the Minister for Finance.

The Articles of Association of the Company.

7.—(1) The Articles of Association of the Company shall be in such form consistent with this Act as shall be approved of by the Minister after consultation with the Minister for Finance.

Alteration of Memorandum and Articles of Association of the Company.

8.—Notwithstanding anything contained in the Companies Acts, no alteration in the Memorandum of Association or Articles of Association of the Company shall be valid or effectual unless made with the previous approval of the Minister given after consultation with the Minister for Finance and with the Minister for Agriculture.

Loan to Company to pay expenses of formation.

9.—(1) The Minister may, out of moneys provided by the Oireachtas, lend to the Company, upon such terms and conditions as to time and manner of repayment, rate of interest, security, and other matters whatsoever as he shall think proper, a sum not exceeding two hundred and fifty pounds.

Advances by the Minister to the Company.

10.—(1) It shall be lawful for the Minister from time to time, with the consent of the Minister for Finance, to advance to the Company out of moneys provided by the Oireachtas such sums (not exceeding in the aggregate fifty thousand pounds) as the Company shall require for the purposes of its business or for the purpose of paying the price or compensation payable by the Company in respect of the acquisition of an existing mining business under

Part III

of this Act.

Payment of interest on advances to the Company.

11.—(1) The Company shall pay to the Minister on every sum advanced to the Company under this Act interest from the date of the advance of such sum until it is repaid, at such rate as shall from, time to time be appointed by the Minister for Finance in respect of such sum, and such interest shall be so paid by half-yearly payments on such days in every year as the Minister for Finance shall from time to time appoint.

Repayment of advances to the Company.

12.—(1) All sums advanced to the Company under this Act shall be repaid by the Company to the Minister by half-yearly instalments of such amounts and beginning on such date and continuing for such number of years and payable at such times as the Minister for Finance, after consultation with the Minister, shall appoint, and different such amounts, dates, numbers of years, and times may be so appointed in respect of different sums so advanced.

Power of the Minister to require the Company to prospect.

13.—(1) It shall be lawful for the Minister at any time or times to require the Company to apply to the Minister for the grant under the Act of 1940 of a prospecting licence in respect of any particular land and, upon receiving such prospecting licence, to prospect and examine such land for the purpose of ascertaining the nature and quantity of the minerals in such land and the advisability of working such minerals.

Powers of the Minister for Finance as shareholder.

14.—The Minister for Finance may, in respect of the shares of the Company 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.

Obligation to hold shares in trust for the Minister for Finance.

15.—(1) Every member of the Company (including the subscribers to the Memorandum of Association of the Company, but excluding the Minister for Finance) shall hold his shares in the Company upon trust for the Minister for Finance, and shall accordingly be bound to pay every dividend, bonus, and other money received by such member on or in respect of such shares to the Minister for Finance for the benefit of the Exchequer and to transfer, as and when required by the said Minister, all or any of such shares to the said Minister or a person nominated in that behalf by the said Minister.

Payment of dividends, etc., into the Exchequer.

16.—Every dividend, bonus, and other money received by the Minister for Finance in respect of shares of the Company held by or in trust for him shall be paid into or disposed of for the benefit of the Exchequer in such manner as the said Minister may direct.

Obligation to furnish balance sheets, etc., to the Minister.

17.—(1) The Company shall within ninety days after the end of every accounting year furnish to the Minister a balance sheet for such accounting year duly audited by the auditor of the Company and also a profit and loss account for the same accounting year similarly audited.

PART III.

Acquisition of Existing Mining Businesses by the State.

Acquisition of existing mining businesses.

18.—Whenever it appears to the Minister:— (a) that, for the purposes of obtaining in adequate quantities commodities essential to the life of the community, the common good requires that the working of any particular deposit of minerals should be controlled by the State, and (b) that, to secure to the State effective control of the said deposit of minerals, it is necessary that the Minister should acquire a particular existing mining business engaged in working the said deposit or a portion of the said deposit, the Minister may, with the consent of the Minister for Finance, either acquire the said existing mining business by agreement with the proprietor thereof, or, in default of agreement, by order (in this Act referred to as a mining business acquisition order) compulsorily acquire the said business.

Acquisition of existing mining business by agreement.

19.—Whenever the Minister acquires under this Part of this Act an existing mining business by agreement with the proprietor thereof, the following provisions shall apply and have effect, that is to say:— (a) the Minister shall acquire the said business, so far as respects minerals for the benefit of the State and, in all other respects, for the benefit of the Company; and (b) the price payable to the proprietor of the business on account of such acquisition (including so much of such price as relates to minerals) shall be paid by the Company; (c) the minerals so acquired (if and in so far as they are not already State minerals) shall, on such acquisition, become and be for all purposes State acquired minerals within the meaning of the Act of 1940, and the provisions of that Act in relation to State acquired minerals shall, so far as they are applicable, apply accordingly.

Notice of proposal to make mining business acquisition orders.

20.—(1) Whenever the Minister proposes to make a mining business acquisition order he shall— (a) give to the proprietor of the existing mining business which it is proposed to acquire by the order at least one month's notice in writing of the proposal, and (b) publish in the Iris Oifigiúil and in such newspapers as the Minister thinks fit including newspapers circulating in the locality notice of the proposal, indicating with reasonable particularity the situation, nature and extent of the minerals, buildings and plant which are the subject matter of the said business, and containing such other information as the Minister considers expedient, and (c) deposit in the office of the Geological Survey, Dublin, a map (on a suitable scale and showing all relevant detail) of the area in which are situate the minerals which it is proposed to acquire by the order.

Contents and operation of mining business acquisition orders.

21.—The following provisions shall apply and have effect in relation to every mining business acquisition order- that is to say:— (a) the order shall specify the name of the existing mining business acquired thereby and the name of the person appearing to the Minister to be the proprietor of that business; (b) the order shall specify the nature, situation and extent of the minerals (in this Act referred to as the acquired minerals) acquired by the order; (c) if the acquired minerals are (in whole or in part) State minerals worked by the proprietor of the said business under a lease from the Minister, the order shall, as respects those State minerals, be expressed and operate to vest in the State the lessee's interest under such lease and to merge the said lease in the reversion expectant thereon; (d) if the acquired minerals are (in whole or in part) State minerals worked by the proprietor of the said business under a licence from the Minister, the order shall, as respects those State minerals, be expressed and operate to terminate such licence; (e) if the acquired minerals are (in whole or in part) not State minerals, the order shall, as respects those minerals, have the same operation in all respects as a minerals acquisition order under the Act of 1940, and shall accordingly be expressed and shall operate to vest the said minerals in fee simple in the Minister, and those minerals shall, when so vested, become and be for all purposes State acquired minerals within the meaning of the Act of 1940 and the provisions of that Act in relation to State acquired minerals shall, so far as they are applicable, apply accordingly; (f) the order shall also be expressed and shall operate to transfer to and vest in the Company, free from all charges and encumbrances, the goodwill of the existing mining business acquired thereby and all the property and assets (other than the acquired minerals) which on the relevant date were owned or used by the proprietor of the said business for the purposes thereof, and also all book debts and other moneys owing to the said proprietor on account of the said business and the right to sue for, recover and give good receipts for those debts and moneys; (g) the expression “the relevant date” in the next preceding paragraph of this section shall, where the order is made within four months after the date of the passing of this Act, mean the 1st day of March, 1941, and shall, in every other case, mean the date on which notice of the proposal to acquire the said business was published in the Iris Oifigiúil in pursuance of this Act;

(h) the order shall not be expressed and shall not operate to impose on or transfer to the Minister or the Company any liability for any of the debts and other liabilities of the proprietor of the existing mining business in relation to or on account of the said business; (i) the order may contain all or any such supplemental or ancillary provisions as the Minister, with the consent of the Minister for Finance, shall think proper.

Compensation in respect of mining business acquisition orders.

22.—(1) Whenever the Minister makes a mining business acquisition order, the Company shall, subject to the provisions of this section, be liable to pay compensation in accordance with this Act in respect of the existing mining business (including the acquired minerals) acquired by the order.

Applications for compensation in respect of mining business acquisition orders.

23.—(1) Any person claiming to be the proprietor of an existing mining business acquired by a mining business acquisition order may apply to the Company for compensation in respect of the said existing mining business and any person claiming to be interested in the said business as an incumbrancer may apply to the Company for the assessment of such compensation.

Assessment of compensation in respect of mining business acquisition orders.

24.—(1) Compensation in respect of the minerals (other than State minerals) acquired by a mining business acquisition order shall be assessed by the Mining Board in the same manner and on the same basis in all respects and shall be awarded in the same form as if it were compensation for State acquired minerals under the Act of 1940, and the provisions of that Act and of the regulations made thereunder relating to compensation for State acquired minerals shall apply accordingly.

Deductions from compensation of debts due to the State.

25.—Where the amount of compensation payable under this Part of this Act by the Company to any person is assessed by the Mining Board, and the Company is notified, before payment of such compensation, that a debt is due and owing by that person to any Minister of State or to the Central Fund, the Company may deduct the amount of the debt from the compensation, and may direct that the amount so deducted be (as the case may require) either paid to the appropriate Minister of State or paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

Lease or licence to the Company of acquired minerals.

26.—Whenever the Minister acquires (whether by agreement or compulsorily) an existing mining business under this Part of this Act, the Minister shall, as soon as conveniently may be after such acquisition, make to the Company under the Act of 1940 and the Company shall take either (as the Minister shall think proper) a State mining lease of the minerals included in such acquisition or a State acquired minerals licence in respect of those minerals.

Annual reports by the Company.

27.—(1) As soon as may be after the end of every year, the Company shall furnish to the Minister a report giving, in respect of that year, particulars of all existing mining businesses acquired by the Company, either by agreement or by means of mining business acquisition orders, and such particulars of minerals worked or prospected by the Company as the Minister may consider it expedient in the public interest that the Company should be required to furnish.

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