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Functions of Company.
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3.—(1) The functions of the Company shall be:
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(a) to acquire, hold, sell, assign and otherwise deal with shares and debentures issued by—
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(i) any state-assisted industrial company,
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(ii) any company to which a grant or guarantee of borrowing has been or is to be given under the Tourist Traffic Acts, 1939 to 1961, in respect of the development of holiday accommodation,
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(iii) Aviation Development Limited,
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(iv) Industrial Engineering Company Limited,
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(b) to issue loans to state-assisted industrial companies,
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(c) to guarantee the due repayment with interest of borrowings by state-assisted industrial companies.
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(2) (a) The Company shall exercise the functions specified in the foregoing subsection as and when directed by the Minister (and not otherwise) and in accordance with the terms of the direction.
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(b) Before giving a direction under the foregoing paragraph, the Minister shall consult with the appropriate Minister.
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(3) In this section—
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“the appropriate Minister” means either, as the Minister may decide in each particular case, the Minister for Industry and Commerce or the Minister for Transport and Power;
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“state-assisted industrial company” means an industrial company to which a grant has been or is to be made by An Foras Tionscal.
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