asked the Minister for Industry and Commerce the precise connection between Verolme Cork Dockyard and its counterpart in Holland as known to his Department and referred to in his reply of 30th October, 1969.
Ceisteanna—Questions. Oral Answers. - Verolme (Cork) Dockyard.
41.
Verolme Cork Dockyard is a limited company incorporated in this country under the Companies Act, 1963. The company is, therefore, a separate legal entity from its Dutch associates. The majority of the ordinary shares in the company are, however, held by a Dutch associate company and, when the reorganisation of the Cork company has been completed, Taiscí Stáit will then hold £450,000 in ordinary shares as against £500,000 already held by the Dutch associates. The Articles of Association of Verolme, Cork, provide that of the five directors, three shall be nominees of the Dutch associates and two shall be nominees of Taiscí Stáit. The Articles also provide that the chairman of the company shall be one of the Taiscí Stáit nominees, and that the board may not act unless both Taiscí Stáit directors are present.
In reply to a question on 30th October, I gave the Deputy details of the extent of debenture loans held by Taiscí Stáit in Verolme Cork Dockyard and of grants made to that company by An Foras Tionscal. I am advised that the Dutch investment in the Cork company could not be withdrawn without first repaying the Taiscí Stáit loans and also paying all unsecured creditors of the company, which in such event would include An Foras Tionscal in respect of its grants.
Do I understand that the votes of the company for ordinary meeting will be held now in the proportions of £500,000 to the Dutch interest and £450,000 here?
Yes.
Therefore, they have a majority to carry anything by an ordinary resolution in general meeting?
But subject to the other things I have mentioned.