No. 3/1983:

AIR COMPANIES (AMENDMENT) ACT, 1983

ARRANGEMENT OF SECTIONS

Section

1. Power of Minister for Finance to acquire further shares in Aerlínte.

2. Provision of moneys for payments under this Act out of Central Fund.

3. Alteration of memorandum and articles of association of Aerlínte.

4. Guarantee of Minister for Finance of borrowings by Aer Lingus and Aerlínte.

5. Short title and collective citation.

ACTS REFERRED TO

Number 3 of 1983

AIR COMPANIES (AMENDMENT) ACT, 1983

AN ACT TO PROVIDE FOR THE TAKING UP BY THE MINISTER FOR FINANCE OF FURTHER SHARES OF AERLÍNTE ÉIREANN, TEORANTA, AND TO INCREASE THE LIMIT ON GUARANTEES OF BORROWING BY AER LINGUS, TEORANTA, AND AERLÍNTE ÉIREANN, TEORANTA, BY THE SAID MINISTER.

[15th March, 1983]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In addition to the shares held by him in Aerlínte Éireann, Teoranta, by virtue of section 2 of the Air Companies Act, 1966 , the Minister for Finance may subscribe for further shares (of any class) of Aerlínte Éireann, Teoranta, to an amount not exceeding in nominal value £60,000,000.

2.—All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him under this Act shall be paid out of the Central Fund or the growing produce thereof.

3.—Aerlínte Éireann, Teoranta, shall take such steps as may be necessary under the Companies Act, 1963 , to alter its memorandum and articles of association to make them consistent with this Act.

4.—The Minister for Finance shall not so exercise the powers conferred by section 2 (1) of the Air Companies (Amendment) Act, 1976 , that the amount or the aggregate amount of principal which he may at any one time be liable to pay on foot of any guarantees under section 2 (1) (a) of that Act for the time being in force (together with the amount of principal which the said Minister has previously paid on foot of any such guarantees and has not been repaid) exceeds £150,000,000 and, accordingly, section 2 (2) of that Act, is hereby amended by the substitution of "£150,000,000" for "£75,000,000".

5.—(1) This Act may be cited as the Air Companies (Amendment) Act, 1983 .

(2) The Air Companies Acts, 1966 to 1978 and this Act may be cited together as the Air Companies Acts, 1966 to 1983.