Shannon Free Airport Development Company Limited Act, 1959

In short

This law allows the Minister for Finance to invest in the Shannon Free Airport Development Company Limited and provides for grants to be made to this company, along with other related financial and operational provisions. It aims to encourage and facilitate commercial, industrial, and trading enterprises at Shannon Free Airport.

What it regulates

The Minister for Finance's ability to subscribe for shares in the Shannon Free Airport Development Company Limited.
The provision of grants from the Oireachtas to the Company for development and running expenses.
Restrictions on the amount of certain grants made by the Company for machinery, equipment, and worker training.
Financial oversight and reporting requirements for the Company, especially when the Minister for Finance holds shares or guarantees loans.

Who it concerns

The Shannon Free Airport Development Company Limited.
The Minister for Finance and the Minister for Transport and Power.

Key points

The Minister for Finance can take up shares of the Company, not exceeding an aggregate of one and one-half million pounds.
Grants from the Oireachtas to the Company shall not exceed five hundred thousand pounds in total.
Grants made by the Company for machinery and equipment cannot exceed one-half of their cost.
Grants for worker training cannot exceed the actual wages paid during training, plus travel and subsistence for workers trained outside the State.

Legal text

Shannon Free Airport Development Company Limited Act, 1959 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

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s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1959 Shannon Free Airport Development Company Limited Act, 1959 Shannon Free Airport Development Company Limited Act, 1959 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 36 of 1959. SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED ACT, 1959. ARRANGEMENT OF SECTIONS Section 1. Definitions. 2. Power to Minister for Finance to take up shares of the Company. 3. Advances of moneys out of the Central Fund. 4. Holding and sale by the Minister for Finance of shares. 5. Exercise by the Minister for Finance of right or power exercisable by holder of Shares. 6. Disposition of dividends, etc., on shares held by the Minister for Finance. 7. Exemption from stamp duty. 8. Grants to the Company. 9. Restriction on amount of certain grants made by the Company. 10. Provisions having effect in certain circumstances. 11. Restriction on making of grants by An Foras Tionscal. 12. Expenses. 13. Short title. SCHEDULE. Acts Referred to Customs-Free Airport (Variation of Limits) Order, 1958 S.I. 1958, No. 258 Customs-Free Airport Act, 1947 1947, No. 5 the Stamp Act, 1891 1891, c. 39 State Guarantees Act, 1954 1954, No. 9 Shannon Free Airport Development Company Limited Act, 1959 S.I. 1959, No. 49 Number 36 of 1959. SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED ACT, 1959. AN ACT TO AUTHORISE THE MINISTER FOR FINANCE TO TAKE UP SHARES OF THE SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED, TO PROVIDE FOR THE MAKING OF GRANTS TO THAT COMPANY AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [8th December, 1959.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— Definitions. 1.—In this Act— “the airport” means the entire area within the outer margin of the red line marked ABCDEFG on the map annexed to the Customs-Free Airport (Variation of Limits) Order, 1958 , but, where, after the passing of this Act, any order is made under section 2 of the Customs-Free Airport Act, 1947 , altering that area and is for the time being in force, means that area as so altered; “the Company” means the Shannon Free Airport Development Company Limited; “the Minister” means the Minister for Transport and Power. Power to Minister for Finance to take up shares of the Company. 2.—The Minister for Finance may from time to time take up by subscription any class or classes of shares of the Company and the amounts, not exceeding in the aggregate one and one-half million pounds, which may be subscribed under this section shall be determined by the Minister for Finance after consultation with the Minister. Advances of moneys out of the Central Fund. 3.—

(1)All moneys from time to time required by the Minister for Finance to meet payments required to be made by him to the Company in respect of any shares taken up by him under this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2)For the purpose of providing moneys for the sums advanced out of the Central Fund under this section, the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.

(3)The principal of and interest on any securities issued by the Minister for Finance 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. Holding and sale by the Minister for Finance of shares. 4.—

(1)The Minister for Finance may hold for so long as he thinks fit any shares of the Company taken up by him under this Act and may, as and when he thinks fit; sell all or any of such shares.

(2)The net proceeds of a sale by the Minister for Finance of shares of the Company shall be paid into or disposed of for the benefit of the Exchequer. Exercise by the Minister for Finance of right or power exercisable by holder of shares. 5.—Where the Minister for Finance holds shares of the Company, he may exercise a right or power exercisable by the holder of the shares and, where the right or power is exercisable by attorney, he may, if he so thinks proper, exercise it by his attorney. Disposition of dividends, etc., on shares held by the Minister for Finance. 6.—All dividends, bonus and other moneys received by the Minister for Finance in respect of shares of the Company held by him shall be paid into or disposed of for the benefit of the Exchequer. Exemption from stamp duty. 7.—Section 112 of the Stamp Act, 1891, shall not operate so as to require the Company to deliver to the Registrar of Joint Stock Companies any statement or to pay any stamp duty under that section in respect of any increase of the capital of the Company. Grants to the Company. 8.—

(1)The Minister, with the consent of the Minister for Finance, may, out of moneys provided by the Oireachtas, make grants to the Company— (

a)to enable the Company to do such things as are calculated either directly or indirectly to encourage or facilitate the establishment and carrying on of commercial, industrial and trading enterprises at the airport, and (
b)to meet the running expenses of the Company.

(2)The aggregate amount of grants under this section shall not exceed five hundred thousand pounds. Restriction on amount of certain grants made by the Company. 9.—

(1)Where a grant is made by the Company for the provision of machinery and equipment in connection with any industrial or commercial enterprise at the airport, the amount of the grant shall not exceed one-half of the cost of the machinery and equipment.

(2)Where a grant is made by the Company for the training of workers for the purpose of any industrial or commercial enterprise at the airport, the amount of the grant shall not exceed the actual amount of wages paid to such workers during the period of their training, together with, in the case of workers trained outside the State, the amount of their travelling and subsistence expenses. Provisions having effect in certain circumstances. 10.—The provisions of the Schedule to this Act shall have effect so long as— (

a)the Minister for Finance holds any shares of the Company, or (
b)any moneys borrowed by the Company the due repayment of which is guaranteed by the Minister for Finance under the State Guarantees Act, 1954 , as amended by the State Guarantees Act, 1954 (Amendment of Schedule) Order, 1959, have not been repaid, or (
c)any moneys borrowed by the Company, the due repayment of which is so guaranteed and the amount of which has been paid by the Minister for Finance under the guarantee, have not (together with interest thereon at the rates appointed by that Minister) been repaid by the Company to him or recovered from the Company by him. Restriction on making of grants by An Foras Tionscal. 11.—After the passing of this Act, An Foras Tionscal shall not make a grant in respect of the establishment, development or maintenance of an industrial undertaking at the airport. Expenses. 12.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. Short title. 13.—This Act may be cited as the Shannon Free Airport Development Company Limited Act, 1959. SCHEDULE. Provisions having effect so long as the Minister for Finance holds any shares of the company or any moneys borrowed by the Company the due repayment of which is guaranteed by that Minister have not been repaid or any moneys paid by the Minister under a guarantee have not been repaid to him by or recovered by him from the Company. Section 10 . Restriction on alteration of memorandum and articles of association. 1. Notwithstanding anything contained in the Companies Acts, 1908 to 1959, 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 for Finance given after consultation with the Minister. Accounts and audits. 2.

(1)The Company shall keep, in such form as may be approved by the Minister, with the concurrence of the Minister for Finance, all proper and usual accounts of all moneys received and expended by it 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 annually by the Company to an auditor for audit at such time as the Minister, with the concurrence of the Minister for Finance, directs and the Company shall furnish a copy of the accounts as so audited, together with a copy of the auditor's report thereon, to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas. Annual report. 3.

(1)The Company shall, in each year, at such date as the Minister may direct, make a report to the Minister of its activities during the preceding year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas.

(2)Whenever the Minister so directs, such annual report shall also include information on such particular aspects of the Company's activities under this Act as the Minister may specify. Membership of either House of the Oireachtas by directors, officers or servants of the Company. 4.

(1)Where a director of the Company is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a director of the Company.

(2)Where a person who is either an officer or a servant in the employment of the Company becomes a member of either House of the Oireachtas— (

a)he shall, during the period (in this section referred to as the secondment period) commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from such employment or upon the termination of such employment by the Company, stand seconded from such employment, (
b)he shall not be paid by, or entitled to receive from, the Company any salary or wages, as the case may be, in respect of the secondment period, (
c)if there is in force a scheme made by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company and the scheme establishes a fund to which the Company and the person pay contributions— (
i)the secondment period shall, for the purposes of the scheme, be deemed to be service of that person which is reckonable for superannuation benefits under the scheme if, but only if— (I) he was in the permanent employment of the Company and was a contributor under the scheme immediately before the commencement of the secondment period, (II) he elects, by notice in writing given to the Company within three months after the commencement of the secondment period, to pay contributions under the scheme in respect of the secondment period in accordance with the provisions of this paragraph, and (III) he pays, at such times and in such manner as the committee duly appointed under the scheme to administer the scheme may specify, contributions under the scheme in respect of the secondment period equal in amount to the aggregate of the contributions which he would have paid and the contributions which the Company would have paid in respect of the secondment period if he had remained without secondment under this paragraph in the service of the Company during the secondment period and had been in receipt of remuneration from the Company during that period, (
ii)the Company shall not pay any contributions under the scheme in respect of the secondment period, but that part of the contributions payable by him as aforesaid which is equal to the amount of the contributions which the Company would have paid under the scheme in respect of the secondment period if he had remained without secondment under this subparagraph in the service of the Company during the secondment period and had been in receipt of remuneration from the Company during that period shall, for the purposes of the scheme, be deemed to have been paid by the Company, (iii) if the secondment period is terminated by his death or by his retirement from such employment, he shall, for the purposes of the scheme, be deemed to have died in or to have been retired from the service of the Company, as the case may be, and to have been in receipt of remuneration from the Company immediately before such death or retirement, as the case may be, (
iv)if he does not pay or if, having paid contributions under the scheme in accordance with the provisions of this subparagraph, he ceases to pay contributions as aforesaid, he shall, for the purposes of the scheme, be deemed to have resigned from such employment— (I) in case he ceases to pay contributions as aforesaid, on the date of the last payment, and (II) in any other case, immediately before the commencement of the secondment 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 1952— (

a)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, (
b)if he has paid any contributions in accordance with the provisions of subparagraph

(2)of this paragraph in respect of that period, so much thereof as is equal to the amount of the contributions which he would have paid in respect of that period under the scheme if he had remained without secondment under subparagraph

(2)of this paragraph in the service of the Company during that period and had been in receipt of remuneration from the Company during that period, shall be returned to him if and when a payment of benefit or a return of other contributions is made to him under the scheme.

(4)A reference in subparagraph

(2)or subparagraph

(3)of this paragraph to the receipt by any person of remuneration from the Company shall be taken as a reference to the receipt by that person of remuneration from the Company at the rate at which he was being remunerated by the Company on the last day of his employment with the Company before his secondment under sub-paragraph

(2)of this paragraph.

(5)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. Restriction on making of superannuation scheme. 5. A scheme made by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company shall not be valid unless made with the consent of the Minister given with the concurrence of the Minister for Finance. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

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