Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926

In short

This law allows the Minister for Finance to buy shares in the Industrial Trust Company of Ireland Limited and outlines how those shares should be managed and eventually sold.

What it regulates

The acquisition of share capital of the Industrial Trust Company of Ireland Limited.
The payment of any dividends or bonuses from these shares into the Exchequer.
The powers the Minister for Finance has as a shareholder.
The sale of the acquired share capital.

Who it concerns

The Minister for Finance.
The Industrial Trust Company of Ireland Limited.

Key points

The Minister for Finance can spend up to fifty thousand pounds from the Central Fund to buy shares.
All money received from these shares (dividends, bonuses) must be paid into the Exchequer.
The Minister can exercise all rights and powers of a shareholder, including nominating two directors if an agreement is made with the Company.
The Minister can sell the acquired shares at any time, and the proceeds must be paid into the Exchequer.

Legal text

Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926 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 1926 Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926 Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926 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 7 of 1926. INDUSTRIAL TRUST COMPANY OF IRELAND LIMITED (ACQUISITION OF CAPITAL) ACT, 1926. ARRANGEMENT OF SECTIONS Section 1 . Definitions. 2 . Acquisition of share capital of Company. 3 . Payment of dividends, etc., into Exchequer. 4 . Powers of Minister as shareholder. 5 . Sale of share capital acquired under this Act. 6 . Short title. Number 7 of 1926. INDUSTRIAL TRUST COMPANY OF IRELAND LIMITED (ACQUISITION OF CAPITAL) ACT, 1926. AN ACT TO PROVIDE FOR THE ACQUISITION BY THE MINISTER FOR FINANCE OF SHARE CAPITAL OF THE INDUSTRIAL TRUST COMPANY OF IRELAND LIMITED AND FOR OTHER PURPOSES CONNECTED THEREWITH. [5th March, 1926.] BE IT ENACTED BY THE OIREACHTAS OF SAORST[html]T EIREANN AS FOLLOWS:— Definitions. 1.—In this Act— the expression “the Minister” means the Minister for Finance; the expression “the Company” means the Industrial Trust Company of Ireland Limited. Acquisition of share capital of Company. 2.—The Minister shall, as and when he thinks fit, issue out of the Central Fund or the growing produce thereof such sums not exceeding in whole the sum of fifty thousand pounds as may be required for the acquisition by him of share capital of the Company. Payment of dividends, etc., into Exchequer. 3.—All dividends, bonuses, and other moneys received by the Minister in respect of share capital of the Company acquired by him under this Act shall be paid into the Exchequer. Powers of Minister as shareholder. 4.—

(1)The Minister may, so long as he holds any of the share capital of the Company acquired by him under this Act, exercise all or any of the rights and powers from time to time exercisable by the holder of such share capital, and where any of such rights or powers are exercisable by attorney the Minister may if he so thinks proper exercise such rights or powers by his attorney.

(2)The Minister may agree with the Company that so long as he holds any of the share capital of the Company acquired by him under this Act he shall be entitled to nominate two of the directors of the Company, and in the event of such agreement being made it shall be lawful for the Minister to nominate directors of the Company in accordance therewith. Sale of share capital acquired under this Act. 5.—

(1)The Minister may at any time or times as and when he thinks fit sell all or any of the share capital of the Company acquired by him under this Act.

(2)The proceeds of every sale under this section of the said share capital or any part thereof shall be paid into the Exchequer. Short title. 6.—This Act may be cited as the Industrial Trust Company of Ireland Limited (Acquisition of Capital) Act, 1926. 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.