No. 24/1959:

INDUSTRIAL CREDIT (AMENDMENT) ACT 1959

ARRANGEMENT OF SECTIONS

1 Interpretation.

2 Increase of capital of the Company.

3 Power of the Company to raise or borrow money by means of debentures or otherwise.

4 Advances to the Company by Minister.

5 Increase of limit on guarantees by Minister.

6 Amendment of sections 4 and 11 of Principal Act.

7 Short title and collective citation.

AN ACT TO AMEND AND EXTEND THE INDUSTRIAL CREDIT ACTS, 1933 AND 1958.

[4th August, 1959.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1.—(1) In this Act "the Principal Act" means the Industrial Credit Act, 1933 .

(2) The Industrial Credit Acts, 1933 and 1958, and this Act shall be construed as one Act.

2.—Notwithstanding anything to the contrary contained in The Principal Act, or the Memorandum or Articles of Association of the Company, it shall be lawful for the Company to increase its share capital to a total of ten million pounds divided into shares of one pound each or such other denominations as shall be in accordance with the Memorandum, and for that purpose to make such alterations as may be requisite in the Memorandum and Articles of Association.

3.—(1) Paragraph 4 of the Schedule to the Principal Act is hereby amended by the substitution of the following paragraph for subparagraph (d):

"( d ) that the Company shall have power for the purposes of the Company to raise or borrow money by means of debentures or otherwise, subject however as follows:

(i) the amount so raised or borrowed and standing unpaid at any particular time shall not exceed fifteen million pounds less the amount (if any) which the Minister has, under a guarantee or guarantees given by him, paid in respect of the principal of moneys raised or borrowed by the Company and which stands at that time not repaid to the Minister by the Company, and

(ii) the said power shall not, without the consent of the Minister, be exercisable at any particular time if the Minister holds at that time more than one-fifth (in nominal value) of the issued shares of the Company;".

(2) For the purposes of subsection (1) of this section, it shall be lawful for the Company to make such alterations as may be requisite in its Articles of Association.

4.—(1) The Minister may make advances to the Company for the carrying out of the Company's objects.

(2) Advances under this section shall be made on such terms as to repayment, interest and other matters as may be determined by the Minister.

(3) Subsection (1) of section 4 of the Industrial Credit (Amendment) Act, 1958 , is hereby amended by the insertion of "or the Industrial Credit (Amendment) Act, 1959 ," after "The Principal Act or this Act".

5.—Subsection (3) of section 3 of the Industrial Credit (Amendment) Act, 1958 , is hereby amended by the substitution of "£15,000,000", for "£5,000,000".

6.—(1) section 4 of the Principal Act is hereby amended by the insertion of "share capital issued to the Minister or" before "share capital issued to subscribers of the Memorandum of Association of the Company"

(2) ( a ) Subsection (92) of section 11 of the Principal Act is hereby amended by the substitution of "directed from time to time by the Minister, and such balance sheet shall contain (in addition to any matter required by any such direction of the Minister)" for "prescribed by regulations made under this section, and such balance sheet shall contain (in addition to any matter required by such regulations)".

( b ) Subsection (6) of section 11 of the Principal Act is hereby repealed.

7.—(1) This Act may be cited as the Industrial Credit (Amendment) Act, 1959 .

(2) The Industrial Credit Acts, 1933 and 1958, and this Act may be cited together as the Industrial Credit Acts, 1933 to 1959.