Cap. 129 ст. 2Power to be a party to constitution of a company.

(1) The Minister responsible for industry is hereby empowered to represent the Government of Malta in the constitution by it together with others of a limited liability company in accordance with the law of Malta which shall have as its object the capture, marketing and preservation of fish, and such other business activities as are germane thereto.

(2) The capital of the Company shall be of nine thousand and six hundred and sixty-six euro and ninety cents (9,666.90) divided into eighty three fully paid up shares of one hundred and sixteen euro and forty-seven cents (116.47) each. No increase of capital may be made unless prior approval of the House of Representatives be obtained.

(3) The Government of Malta shall subscribe forty-two shares of the initial capital, which shares shall be of the total nominal value of four thousand and eight hundred and ninety-one euro and sixty-eight cents (4,891.68); this amount is hereby appropriated out of the Consolidated Fund for the purpose. The Government shall offer for sale to the public such shares at best after five years of exercise of the Company.

(4) The Government of Malta shall at all times retain a controlling interest in the company and the ratio between the number of shares which the Government will hold after an augmentation of capital or the issue of new shares and the total augmented number of shares shall in no case be less than that which the said amount of four thousand and eight hundred and ninety-one euro and sixty-eight cents (4,891.68) bears to the initial capital to be subscribed.

(5) The Minister responsible for industry shall at all times be ex officio the Chairman of the Company and of the Board of Directors until such time as the Government remains a shareholder in the Company.

*See Government Notice No 87 of 22nd February, 1950.