Industrial Credit (Amendment) Act, 1971
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Guarantees by the Minister. |
7.— Section 3 of the Industrial Credit (Amendment) Act, 1958 , is hereby amended as follows: | |
(a) in subsection (1)— | ||
(i) “and in such money (including money in a currency other than the currency of the State)” shall be inserted after “in such form and manner”, and | ||
(ii) “and any such guarantee may include guarantee of payment by the Company of incidental expenses arising in connection with the borrowing” shall be added after “payment of such interest”, | ||
(b) in subsection (3) “£30,000,000” shall be substituted for “£15,000,000” (inserted by section 5 of the Industrial Credit (Amendment) Act, 1959 ), | ||
(c) the following subsection shall be added to the section: | ||
“(10) In relation to a guarantee under this section in money in currency other than the currency of the State— | ||
(a) the references to principal in subsection (3) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to therate of exchange at the time of the giving of the guarantee 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, | ||
(b) each of the references to moneys in subsections (4), (6), (7), (8) and (9) of this section and subsection (1) of section 4 of this Act shall be taken as referring to the cost in currency of the State of the actual moneys.” |