No. 15/1990:

INDUSTRIAL CREDIT (AMENDMENT) ACT, 1990

ARRANGEMENT OF SECTIONS

Section

1. Amendment of Industrial Credit Act, 1933.

2. Amendment of Industrial Credit (Amendment) Act, 1958.

3. Power to alter articles of association of Company.

4. Short title, collective citation and construction.

ACTS REFERRED TO

Number 15 of 1990

INDUSTRIAL CREDIT (AMENDMENT) ACT, 1990

AN ACT TO AMEND AND EXTEND THE INDUSTRIAL CREDIT ACTS, 1933 TO 1983.

[11th July, 1990]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—Paragraph 4 of the Schedule to the Industrial Credit Act, 1933 , is hereby amended by the substitution in clause (i) of subparagraph (d)(inserted by the Industrial Credit (Amendment) Act, 1971 ) of "£1,000,000,000" for "£800,000,000" (inserted by the Industrial Credit (Amendment) Act, 1983 ), and the said clause, as so amended, is set out in the Table to this section.

TABLE

(i) the amount so raised or borrowed and standing unpaid at any particular time shall not exceed £1,000,000,000 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,

2.— Section 3 (3) of the Industrial Credit (Amendment) Act, 1958 , is hereby amended by the substitution of "£1,000,000,000" for £800.000.00W (inserted by section 3 of the Industrial Credit (Amendment) Act, 1983 ), and the said subsection, as so amended, is set out in the Table to this section.

TABLE

(3) 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 pay on foot of any guarantee or guarantees under that subsection for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and has not been repaid by the Company, exceeds £1,000,000,000.

3.—The Company shall take such steps as may be necessary under the Companies Acts, 1963 to 1986, to alter the articles of association of the Company to make them consistent with the Industrial Credit Acts, 1933 to 1990.

4.—(1) This Act may be cited as the Industrial Credit (Amendment) Act, 1990.

(2) The Industrial Credit Acts, 1933 to 1983, and this Act may be cited together as the Industrial Credit Acts, 1933 to 1990, and shall be construed together as one Act.