No. 39/1980:

IRISH SHIPPING LIMITED (AMENDMENT) ACT, 1980

ARRANGEMENT OF SECTIONS

1 Interpretation.

2 Amendment of section 2 (1) of Principal Act.

3 Amendment of section 9 of Principal Act.

4 Short title, collective citation and construction.

AN ACT TO AMEND THE IRISH SHIPPING LIMITED ACTS, 1947 AND 1959.

[23rd December, 1980]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Principal Act" means the Irish Shipping Limited Act, 1947 ;

"the Act of 1959" means the Irish Shipping Limited (Amendment) Act, 1959 .

2.—section 2 of the Principal Act is hereby amended by the substitution of "£22,000,000" for "£12,000,000" (inserted by the Act of 1959) in subsection (1) and the said subsection, as so amended, is set out in the Table to this section.

TABLE

(1) Notwithstanding anything contained in the Companies Acts, 1908 to 1924, or in the memorandum or articles of association of the Company, the Company may increase its capital to a total not exceeding £22,000,000 and for that purpose may, subject to the provisions of this Act, make such alterations in its memorandum and articles of association as may be appropriate.

3.—section 9 of the Principal Act is hereby amended—

( a ) by the substitution of the following subsection for subsection (1):

"(1) The Minister may, after consultation with the Minister for Transport, guarantee, in such form and manner and in such moneys (including moneys in a currency other than the currency of the State) and on such terms and conditions as he thinks fit, the due repayment by the Company of the principal of any moneys borrowed, with his consent, by the Company or the payment of interest on such moneys or both the repayment of such principal and the payment of such interest.",

( b ) by the substitution of "£15,000,000" for "£5,000,000" (inserted by the Act of 1959) in subsection (2), and

( c ) by the insertion of the following subsection after subsection (9):

"(10) In relation to a guarantee referred to in subsection (1) of this section and given in moneys in a currency other than the currency of the State—

( a ) the references to principal in subsection (1) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of giving the guarantee,

( b ) each of the references to moneys in subsections (5), (6), (7), (8) and (9) of this section shall be taken as referring to the cost in currency of the State of the actual moneys.",

and the said subsection (2), as so amended, is set out in the Table to this section.

TABLE

(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to repay on foot of any guarantee or guarantees under this section for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any guarantees under this section and has not been repaid, exceeds £15,000,000.

4.—(1) This Act may be cited as the Irish Shipping Limited (Amendment) Act, 1980 .

(2) The Irish Shipping Limited Acts, 1947 and 1959, and this Act may be cited together as the Irish Shipping Limited Acts, 1947 to 1980, and shall be construed as one with those Acts.

ACTS REFERRED TO