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Issue to Minister for Finance of certain shares.
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3.—(1) As soon as may be after the passing of this Act the Company shall issue to the Minister for Finance, without further payment by him, fully paid up shares of the Company to the amount of 4,712,000.
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(2) Of the said 4,712,000 shares—
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(a) 3,500,000 shall be in respect of £3,500,000 advanced by the said Minister to the Company under section 5 of the Principal Act, being part of the aggregate amount of £6,000,000 so advanced, and accordingly upon the issue of the said shares provided for by subsection (1) of this section the amount of advances made under section 5 of the Principal Act and repayable thereunder to the Minister for Finance shall be £2,500,000 and
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(b) 1,212,000 shall be in lieu of and in consideration of the interest accrued on the said £6,000,000 to the 30th day of June, 1967.
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(3) The said issue of 1,212,000 shares referred to in subsection (2) of this section shall, for the purposes of section 5 (2) of the Principal Act, be deemed to be payment, up to the said 30th day of June, 1967, of the interest on the said £6,000,000 as determined under the said section 5 (2).
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(4) Notwithstanding anything in the Principal Act or any determination made by the Minister for Finance under section 5 (2) of that Act, interest shall be payable from the 1st day of July, 1967 (in accordance with any determination made under that section after the passing of this Act) on the amount of £2,500,000 mentioned in subsection (2) (a) of this section as repayable to that Minister under section 5 of the Principal Act, and on no other amount of advances under that section.
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