No. 26/1976:

NATIONAL STUD ACT, 1976

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Increase of share capital of Company.

3 Power of Company to borrow.

4 Remuneration of chief officer of Company.

5 Obligation to keep accounts, etc.

6 Nomination of director of (and employment in) Company in relation to either House of the Oireachtas.

7 Articles of association of Company.

8 Repeals.

9 Short title, collective citation and construction.

AN ACT TO AMEND AND EXTEND THE NATIONAL STUD ACTS, 1945 to 1969.

[7th July, 1976]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Minister" means the Minister for Agriculture and Fisheries;

"the Principal Act" means the National Stud Act, 1945 .

2.—The following is hereby substituted for section 11 (2) of the Principal Act:

"(2) The share capital of the Company shall be £5, 000, 000 divided into shares of £1 each."

3.—The following section is hereby substituted for section 24 of the Principal Act:

"24. The Company, with the approval of the Minister for Agriculture and Fisheries given with the consent of the Minister for Finance, may from time to time borrow moneys, but the total amount borrowed under this section and outstanding shall not at any time exceed £500, 000."

4.—There shall be paid by the Company to its chief officer (whether he is so described or otherwise) such remuneration and allowances as the Company, with the approval of the Minister given with the consent of the Minister for the Public Service, shall determine.

5.—(1) The Company shall keep, in such form as may be approved by the Minister with the consent of the Minister for Finance all proper and usual accounts of all moneys received or expended by it, including an income and expenditure account and a balance sheet and, in particular, all such special accounts as the Minister, on his own motion or at the request of the Minister for Finance, may from time to time direct.

(2) Accounts kept under this section shall be submitted annually by the Company to an auditor for audit and, immediately after the audit, a copy of the income and expenditure account, the balance sheet, any other such accounts kept pursuant to a direction of the Minister and the auditor's report on the accounts shall be presented to the Minister, who shall cause copies thereof to be laid before each House of the Oireachtas.

(3) The Company shall within ninety days after the end of each accounting year, or such longer time as the Minister shall in any particular case allow, make a report of its proceedings during that year to the Minister, who shall cause copies of the report to be laid before each House of the Oireachtas.

(4) The Company shall supply the Minister with such information regarding the performance of its functions as he may from time to time require.

6.—(1) Where a director of the Company is nominated as a member of Seanad Éireann or for election to either House of the Oireachtas, he shall, on accepting nomination as a member of Seanad Éireann or on nomination for such election (as the case may be), cease to be a director of the Company.

(2) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit in that House shall, while so entitled, be disqualified from becoming a director of the Company.

(3) Where a person who is an employee of the Company is nominated as a member of Seanad Éireann or for election to either House of the Oireachtas, he shall, on accepting nomination as a member of Seanad Éireann or on nomination for such election (as the case may be), stand seconded from employment by the Company and shall not be paid by, or be entitled to receive from, the Company any remuneration or allowances—

( a ) in case he is nominated as a member of Seanad Éireann, in respect of the period commencing on his acceptance of the nomination and ending when he ceases to be a member of that House,

( b ) in case he is nominated for election to either such House, in respect of the period commencing on that nomination and ending when he withdraws his candidature, fails to be elected or ceases to be a member of that House, as the case may be.

(4) A person who is for the time being entitled under the standing Orders of either House of the Oireachtas to sit in that House shall, while so entitled, be disqualified from becoming an employee of the Company.

7.—The following section is hereby substituted for section 13 of the Principal Act:

"13. (1) The articles of association of the Company shall be in such form consistent with this Act as shall be approved by the Minister for Agriculture and Fisheries after consultation with the Minister for Finance.

(2) The following provisions shall apply in respect of the articles of association of the Company:

( a ) the articles shall provide that the number of directors (including the chairman) shall not be less than three or more than seven;

( b ) the articles shall provide that the qualification for a director of the Company shall be the holding of at least one share of the Company;

( c ) the articles shall provide that the chairman and the other directors of the Company shall be appointed by, and may be removed from office by, the Minister for Agriculture and Fisheries, after consultation with the Minister for Finance;

( d ) the articles shall provide that the remuneration of the chairman and of the other directors of the Company shall be determined from time to time by the Minister for Agriculture and Fisheries, with the approval of the Minister for the Public Service;

( e ) the articles shall provide that no person shall be nominated as auditor of the Company without the approval of the Minister for Agriculture and Fisheries given after consultation with the Minister for Finance;

( f ) the articles shall not confer on the Company any power to increase or reduce the capital of the Company or any power to issue debentures or, except in accordance with this Act, to borrow."

8.—The following are hereby repealed—

( a ) section 25 of the Principal Act,

( b ) the National Stud Act, 1953 ,

( c ) the National Stud Act, 1969 .

9.—(1) This Act may be cited as the National Stud Act, 1976 .

(2) The Principal Act and this Act may be cited together as the National Stud Acts, 1945 and 1976, and shall be construed together as one Act.