PART II.

Monarchana Alcóil na hÉlreann, Teoranta.

Formation and registration of Monarchana Alcóil na hÉireann, Teoranta.

7. —As soon as may be after the passing of this Act, the Minister for Finance shall, after consultation with the Minister, 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 the Schedule to this Act shall be formed and registered under the Companies Acts, 1908 to 1924.

Loan to Company to pay expenses of formation.

8. —(1) The Minister for Finance 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 one thousand five hundred pounds.

(2) Any moneys lent to the Company under this section shall be applied by the Company in or towards paying the expenses of the promotion, formation, and registration of the Company and the other preliminary expenses of the Company and for no other purposes.

(3) All sums paid to the Minister for Finance by the Company in or towards repayment of any moneys lent to the Company under this section or in payment of the interest on such moneys shall be paid into or disposed of for the benefit of the Exchequer in such manner as the said Minister may direct.

Issue of share capital of the Company.

9. —No issue of the share capital of the Company (other than share capital issued to subscribers of the Memorandum of Association of the Company or shares required by this Part of this Act to be issued by the Company to the Minister for Finance) shall be made at any time unless the Minister for Finance, after consultation with the Minister, has authorised such issue.

Power of Minister for Finance to acquire shares by subscription and to underwrite issue of shares.

10. —(1) Subject to the provisions of sub-section (3) of this section, the Minister for Finance may from time to time take up by subscription any class or classes of shares of the Company.

(2) Subject to the provisions of sub-section (3) of this section, the Minister for Finance may, subject to such conditions as he may think fit, agree with the Company that, if any shares of the Company about to be offered at any time for subscription are not within a specified time taken up by the public, he will take up and pay for such shares or some specified proportion thereof.

(3) The total amount which may be expended by the Minister for Finance in the acquisition (under either or both of the two immediately preceding sub-sections) of shares of the Company shall not exceed the following sum, that is to say, five hundred thousand pounds less the nominal value of the shares to be issued to him under the next following section.

Issue of shares to Minister for Finance in consideration of transfer of undertaking.

11. —For the purpose of fixing and securing payment to the State of an amount to be paid by the Company as the consideration for the transfer (which will, by operation of Part IV of this Act, take effect on the appointed day) to the Company of the undertaking, the following provisions shall have effect, that is to say:—

(a) the Minister for Finance shall, as soon as may be after the appointed day, issue a certificate in writing certifying the sum (not to exceed the amount which was, before the appointed day, actually expended, for the purposes of the undertaking out of moneys provided by the Oireachtas, in the acquisition of any land, easement, profit a prendre, or other right, the construction of distilleries, rectifying plants, and other necessary works, and the purchase of machinery, plant, and equipment for such distilleries, rectifying plants, and other works) which, in his opinion, should be paid by the Company as the consideration for such transfer;

(b) the Company shall, at the request of the Minister for Finance made at any time after the issue of such certificate, issue to the said Minister without payment by him fully paid up ordinary shares of the Company of an amount equal (in nominal value) to the sum so certified.

Powers of Minister for Finance as shareholder.

12. —The Minister for Finance may, so long as he holds any of the shares of the Company, 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.

Powers of Minister for Finance in respect of shares held by him.

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

(2) The net proceeds of every sale by the Minister for Finance of shares of the Company held by him shall be paid into or disposed of for the benefit of the Exchequer in such manner as he may direct.

State guarantee of debentures of the Company.

14. —Whenever the Company proposes to issue any debentures the Minister for Finance may, if he thinks fit, guarantee in such manner and form as he may think proper, the due payment by the Company in accordance with the terms of such debentures of the principal moneys and interest secured by such debentures.

Advance of moneys out of the Central Fund.

15. —(1) All moneys from time to time required by the Minister for Finance—

(a) to meet payments required to be made by him to the Company in respect of any shares subscribed for or taken up by him under this Part of this Act, or

(b) to meet sums which may become payable under any guarantee given by him under this Part of this Act in respect of moneys secured by debentures issued by the Company,

shall be advanced out of the Central Fund or the growing produce thereof.

(2) For the purpose of providing money 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 the said Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he shall think fit.

(3) The principal of and interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(4) Any money raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.

(5) Any sums advanced out of the Central Fund or the growing produce thereof for the purposes mentioned in paragraph (b) of sub-section (1) of this section shall be repaid to the Central Fund (with interest thereon at such rates as the Minister for Finance shall appoint) by the Company in such amounts and at such times as the said Minister shall appoint, and if and so far as any such sums are not repaid by the Company to the Central Fund, such sums shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

Payment of dividends, etc., into the Exchequer.

16. —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 in such manner as the said Minister may direct.

Alteration of Memorandum and Articles of Association of the Company.

17. —Notwithstanding anything contained in the Companies Acts, 1908 to 1924, 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 for Finance given after consultation with the Minister.

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

18. —(1) The Company shall within ninety days after the end of every accounting year furnish to the Minister for Finance 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.

(2) The balance sheet and profit and loss account to be furnished as aforesaid shall be drawn up in such manner as the Minister for Finance may direct, and such balance sheet shall contain (in addition to any matter required by such direction) a summary of the capital, assets and liabilities of the Company together with such particulars as will disclose the nature of such assets and liabilities and the manner in which the value of the assets was arrived at.

(3) The Company shall on demand furnish to the Minister for Finance such explanations as the said Minister shall think proper to require in respect of any balance sheet or profit and loss account furnished pursuant to this section.

(4) A copy of every balance sheet and profit and loss account furnished to the Minister for Finance pursuant to this section shall be laid by him before Dáil Eireann within one month after such balance sheet and profit and loss account are so furnished to him.

(5) If the Company makes default in complying with any of the provisions of this section, the Company, and every director, manager, and other officer of the Company, who, knowingly, and wilfully, authorised or permitted such default, shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding five pounds for every day during which the default continues.

(6) An offence under this section may be prosecuted by or at the suit of the Minister for Finance as prosecutor.

Non-application of Control of Manufactures Acts, 1932 and 1934.

19. —The Control of Manufactures Acts, 1932 and 1934, shall not apply in respect of any act or thing done by the Company.

Subsidies.

20. —(1) The Minister for Finance may from time to time authorise the payment of subsidies to the Company on such terms and conditions as he thinks fit.

(2) Any moneys required for the payment of subsidies under this section shall be paid out of moneys provided by the Oireachtas.