No. 24/1975:

NITRIGIN EIREANN TEORANTA ACT, 1975

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Increase in share capital of Company.

3 Amendment of Principal Act.

4 Guarantee by Minister of borrowings by Company.

5 Short title and Collective citation.

AN ACT TO AMEND AND EXTEND THE NITRIGIN EIREANN TEORANTA ACTS, 1963 AND 1970.

[11th August 1975]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Act of 1970" means the Nítrigin Éireann Teoranta Act, 1970;

"the Principal Act" means the Nítrigin Éireann Teoranta Act, 1963;

"the Company" and "the Minister" have the same meanings as in the Principal Act.

2.—Notwithstanding anything in the Principal Act, the Act of 1970, the memorandum of the Company or the articles of association of the Company, the amount of the share capital of the Company shall be £27,500,000 divided into 27,500,000 shares of £1 each.

3.—The Principal Act is hereby amended by the substitution of the following section for section 2 (as amended by the Act of 1970):

"2. The Minister for Finance may, after consultation with the Minister, from time to time take up by subscription or purchase from the holder shares of the Company of any class or classes to an amount not exceeding in the aggregate £22,500,000, but may not, without the agreement of the Government, take up by subscription or purchase from the holder further shares of the Company."

4.—The Minister shall not so exercise the powers conferred by section 7 (1) of the Principal Act that the amount or the aggregate amount of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that section for the time being in force (together with the amount of any principal which the Minister has previously paid on foot of any such guarantee or guarantees and which has not been repaid by the Company) exceeds £30,000,000 and, accordingly, section 7 (2) of the Principal Act is hereby amended by the substitution of "£30,000,000 for "£2,000,000" (inserted by the Act of 1970).

5.—(1) This Act may be cited as the Nitrigin Éireann Teoranta Act, 1975 .

(2) The Nitrigin Éireann Teoranta Acts, 1963 and 1970, and this Act may be cited together as the Nitrigin Éireann Teoranta Acts. 1963 to 1975.