Noel Dempsey (Meath, Fianna Fail)

I move amendment No. 1:

In page 3, line 9, before "AND" to insert the following:

", TO PROVIDE FOR THE ISSUE OF CAPITAL STOCK IN BORD GÁIS ÉIREANN,".

Amendment No. 97 amends the Gas Act 1976 by inserting a new section which confers on Bord Gáis Éireann the power to create capital stock in amounts equal to the net assets of the board. The provision is required to facilitate the introduction of an employee shared ownership plan, ESOP, for employees of the board in the absence of the introduction of plc legislation. This will give effect to an employee shareholding plan in Bord Gáis Éireann of up to 5% without waiting for the passage of legislation to change the status of the company from a statutory corporation to a plc under the Companies Act.

Amendment No. 1 simply changes the Long Title of the Bill to reflect the insertion of the new section.

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