The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947

In short

This law allows the Minister for Finance to buy specific shares in The Industrial and Life Assurance Amalgamation Company, Limited, and outlines how these purchases will be funded.

What it regulates

The power of the Minister for Finance to purchase certain shares.
The price limit for purchasing these shares.
Exemption from stamp duty for these share transfers.
How the purchase of these shares will be financed from the Central Fund.

Who it concerns

The Minister for Finance.
The Industrial and Life Assurance Amalgamation Company, Limited (referred to as "the Terminating Company").
Specific "British holding Companies" (Britannic Assurance Company, Limited; Pearl Assurance Company, Limited; Prudential Assurance Company, Limited; Refuge Assurance Company, Limited; Liverpool Victoria Friendly Society).

Key points

The Minister may purchase "A" ordinary shares of two shillings each from any British holding Company in the Terminating Company.
The purchase price for these shares cannot exceed three shillings per share.
No stamp duty is required for the transfer of shares bought under this Act.
Money for these share purchases will come from the Central Fund, and the Minister can borrow funds for this purpose.

Legal text

The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947 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 1947 The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947 The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947 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 6 of 1947. THE INDUSTRIAL AND LIFE ASSURANCE AMALGAMATION COMPANY, LIMITED (ACQUISITION OF SHARES), ACT, 1947. ARRANGEMENT OF SECTIONS Section 1. Definitions. 2. Power of Minister to purchase certain shares of the Terminating Company. 3. Application of section 6 of the Insurance (Amendment) Act, 1938. 4. Advances of moneys out of the Central Fund. 5. Short title. Acts Referred to Insurance (Amendment) Act, 1938 No. 31 of 1938 Number 6 of 1947. THE INDUSTRIAL AND LIFE ASSURANCE AMALGAMATION COMPANY, LIMITED (ACQUISITION OF SHARES), ACT, 1947. AN ACT TO AUTHORISE THE MINISTER FOR FINANCE TO PURCHASE CERTAIN SHARES OF THE INDUSTRIAL AND LIFE ASSURANCE AMALGAMATION COMPANY, LIMITED, AND TO PROVIDE FOR MATTERS CONNECTED WITH THE MATTER AFORESAID. [26th March, 1947.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— Definitions. 1.—In this Act— the expression “British holding Company” means any body being— (
a)the Britannic Assurance Company, Limited, or (
b)the Pearl Assurance Company, Limited, or (
c)the Prudential Assurance Company, Limited, or (
d)the Refuge Assurance Company, Limited, or (
e)the Liverpool Victoria Friendly Society; the expression “the Minister” means the Minister for Finance. the expression “the Terminating Company” means The Industrial and Life Assurance Amalgamation Company, Limited. Power of Minister to purchase certain shares of the Terminating Company. 2.—

(1)The Minister may purchase the “A” ordinary shares of two shillings each held by any British holding Company in the Terminating Company at a price not exceeding three shillings per share.

(2)No stamp duty shall be payable in respect of the transfer of shares purchased under this section. Application of section 6 of the Insurance (Amendment) Act, 1938. 3.—The references, in subsections

(2)and

(3)of section 6 of the Insurance (Amendment) Act, 1938 (No. 31 of 1938), to shares of the Terminating Company shall be construed as including references to shares of the Terminating Company purchased by the Minister under this Act. Advances of moneys out of the Central Fund. 4.—

(1)All moneys from time to time required by the Minister to pay for any shares of the Terminating Company purchased 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 may borrow from any person any sum or sums, and for the purpose of such borrowing the Minister 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 the moneys so borrowed into the Exchequer.

(3)The principal of and interest on any securities issued by the Minister 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. Short title. 5.—This Act may be cited as The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947. 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

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.