The Minister for Finance shall, for the purposes of subparagraph (x) of paragraph 8 of the agreement set out in the Schedule to the Insurance (Amendment) Act, 1938, be deemed -
(a) to be and always to have been the beneficial owner of any shares held by him in the Irish Life Assurance Company, Limited, and
(b) to be and always to have been a citizen of Ireland and a qualified holding body corporate within the meaning of paragraph (f) of subsection (1) of section 9 of the Control of Manufactures Act, 1934,
and the articles of association of the Irish Life Assurance Company, Limited, shall be construed and have effect accordingly.