Séamus Brennan (Dublin South, Fianna Fail)

Amendment No. 33 would amend section 10(1) to specify the authorised share capital after the appointed day. This amendment is not in line with the approach of the Bill generally. Sections 6 and 10 are inter-linked. Section 6(2) and (3) provide that, after the passing of the Act, the Minister shall, following consultation with the Minister for Finance, form two public limited companies, namely Cork Airport authority and Shannon Airport authority. These companies are to be formed before the Cork and Shannon appointed days and will be responsible for undertaking the business planning in Cork and Shannon, and the other matters we discussed. The share capital requirements of the companies must be met as soon as the companies are formed, not after their appointed days. That is the latest position.

As public limited companies, Cork and Shannon will require a minimum issued share capital. Provision is made elsewhere in the Bill for the issue of further shares by these authorities to the Minister for Finance, after the appointed day for each authority. That share issue will reflect the transfer of assets. Section 10 includes standard provisions for the share capital of public limited companies established under statute. The proposed amendment is not consistent with the policy underlining the Bill, namely that the Cork and Shannon Airport authorities will be established as soon as possible after the passing of the Bill and will be responsible for business planning and the other functions provided for in section 8, in advance of the appointed days. Companies legislation uses the figure of 38,100 to cover minimum share capital. I am not sure who calculated it.