Industrial Development Act, 1977
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Amendment of section 17 of Principal Act. |
5.—(1) Section 17 (2) (a) (inserted by the Industrial Development (No. 2) Act, 1975 ) of the Principal Act is hereby amended by the insertion after “section 15 of this Act” of “and of shares purchased or taken by the Authority under section 44 of this Act and of grants made by the Authority under section 2 or 3 of the Industrial Development Act, 1977”. | |
(2) Section 17 (2) (inserted by the Industrial Development (No. 2) Act, 1975 ) of the Principal Act is hereby amended by the substitution for paragraph (b) of the following: | ||
“(b) The aggregate amount of moneys guaranteed in respect of principal by the Authority under section 37 of this Act or section 2 or 3 of the Industrial Development Act, 1977, and outstanding, and of payments made by the Authority in respect of principal on foot of guarantees under any of those sections, shall not at any time exceed £100,000,000.”. | ||
(3) Section 17 (as amended by the Industrial Development (No. 2) Act, 1975 ) of the Principal Act is hereby amended by the substitution for subsection (3) of the following: | ||
“(3) (a) The aggregate amount of grants under section 12 of the Act of 1952, section 3 of the Industrial Grants Act, 1956, and subsection (1) (b) of this section (excluding any amounts required by the Authority to enable it to meet its obligations or liabilities arising from guarantees under section 37 of this Act or section 2 or 3 of the Industrial Development Act, 1977) shall not exceed £400,000,000. | ||
(b) The aggregate amount of grants made by the Minister to the Authority to enable it to meet its obligations or liabilities arising from guarantees under section 37 of this Act or section 2 or 3 of the Industrial Development Act, 1977 in respect of principal shall not exceed £100,000,000. | ||
(c) In relation to a guarantee referred to in paragraph (b) of this and the preceding subsection in money in a currency other than the currency of the State, the references to principal in those paragraphs shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the cost in the currency of the State of the actual principal at the time of the giving of the guarantee.”. |