(1) A member of the IANS to whom a share in the share capital of the IANS is issued as a subscriber under section 21 or transferred under section 23(1) or this section shall hold that share in trust for the Minister for Public Expenditure and Reform and shall, accordingly, be bound to pay all dividends and other money which he or she receives in respect of the share to the Minister for Public Expenditure and Reform for the benefit of the Exchequer and to transfer, as and when required by the Minister for Public Expenditure and Reform, the share to him or her or a person nominated in that behalf by him or her.

(2) A member of the IANS shall not transfer or alienate his or her share in the share capital of the IANS other than as authorised by subsection (1).

(3) Upon the death of a member of the IANS referred to in subsection (1), the share in the share capital of the IANS held by the member shall, without the necessity for a transfer, vest in the Minister for Public Expenditure and Reform.