I move:—
(1) That Section 7 of the Finance Act, 1932 (No. 20 of 1932), shall not apply to any stock, share, or security issued after the passing of the Act giving statutory effect to this Resolution unless the certificate of the Minister for Finance under sub-section (2) of that section certifies that (in addition to the conditions set out in the said sub-section (2) ) the following condition is complied with in relation to such stock, share, or security, that is to say:—
(e) that such stock, share, or security is or was issued by a company of which—
(i) the issued shares are, to an extent exceeding one half (in nominal value) thereof in the beneficial ownership of a person who is, or of two or more persons each of whom is, either a qualified person or a qualified holding company, and
(ii) at least two-thirds (in nominal value) of every class of shares issued and carrying voting rights (whether immediate or to arise in certain future circumstances) are in the beneficial ownership of a person who is, or of two or more persons each of whom is, either a qualified person or a qualified holding company, and
(iii) a majority of the directors (other than a managing director giving the whole of his time to his duties as such director) are qualified persons.
(2) That, without prejudice to the provisions of sub-section (4) of the said Section 7 of the Finance Act, 1932, any stock, share, or security (issued after the passing of the Act giving statutory effect to this Resolution) to which that section applies shall cease to be a stock, share, or security (as the case may be) to which the said Section 7 applies if and when the Minister for Finance certifies in relation to such stock, share, or security that he is satisfied, after consultation with the Minister for Industry and Commerce, that the company by which such stock, share, or security was issued has ceased to comply with the condition set out in the first paragraph of this Resolution
(3) That in this Resolution—
the expression "qualified person" means a person who is a citizen of Saorstát Eireann, and the expression "qualified holding company" means a company of which—
(i) the issued shares are to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of a qualified person or persons, and
(ii) at least two-thirds (in nominal value) of every class of shares issued and carrying voting rights whether immediate or to arise in certain future circumstances) are in the beneficial ownership of a qualified person or persons.
Under Section 7 of the Finance Act of 1932, certain tax concessions are granted to Saorstát subscribers to public companies. The purpose of this Resolution is to bring the terms of that concession more into conformity with the Control of Manufactures Act and the Citizenship and Aliens Acts. It is being tightened up to restrict companies in respect of which this concession is granted so that they will be, in fact, as far as we can make them, purely Saorstát companies.