Industrial Credit (Amendment) Act, 1971
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Power of the Company to raise or borrow money by means of debentures or otherwise. |
5.—(1) Paragraph 4 of the Schedule to the Principal Act is hereby amended by the substitution of the following subparagraph for subparagraph (d) (inserted by section 3 (1) of the Industrial Credit (Amendment) Act, 1959 ): | |
“(d) that the Company shall have power for the purposes of the Company to raise or borrow money (including money in a currency other than the currency of the State) by means of debentures or otherwise, subject however, as follows: | ||
(i) the amount so raised or borrowed and standing unpaid at any particular time shall not exceed thirty million pounds 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, | ||
(ii) the said power shall not, without the consent of the Minister, be exercisable at any particular time if the Minister holds at that time more than one-fifth (in nominal value) of the issued shares carrying voting rights of the Company, and | ||
(iii) money so raised or borrowed in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual money raised or borrowed, such equivalent being calculated according to the rate of exchange at the time of the raising or borrowing of the money subject to the proviso that, if the currencies having, at that time, par values established under the Articles of the Agreement of the International Monetary Fund include the currency of the State and the other currency, the calculation shall be effected according to the rate of exchange based on those values;” | ||
(2) For the purposes of subsection (1) of this section, it shall be lawful for the Company to make such alterations as may be requisite in its Articles of Association. |