Malcolm Noonan (Carlow-Kilkenny, Green Party) | Oireachtas source

Amendments Nos. 132 and 133 seek to amend section 25 to provide that the shares in the agency shall not be sold or transferred without the approval of the Government and that any amendment memorandum of association or articles of association of subsidiaries require the prior approval of the Government. I cannot accept these amendments.

Section 24 provides that the whole of the LDA's share capital shall be held by the Minister for Housing, Local Government and Heritage and the Minister for Public Expenditure and Reform and does not provide for any other shareholders. Section 25 provides that the consent of both Ministers is required by the LDA if it seeks to redeem its shares, and any funds in respect of this redemption are for the benefit of the Exchequer. On that basis, it is not necessary for the Bill to provide for the approval of the Government as it already provides for the approval of two Ministers of the Government.

On amendments to the memorandum of association or articles of association of subsidiary DACs, this is not required as section 32(3) already provides that any alteration of the constitution of subsidiary DACs will not be valid or effective unless the prior approval of the Minister for Housing, Local Government and Heritage and the Minister for Public Expenditure and Reform is sought.