Irish Shipping Limited (Amendment) Act, 1984
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Amendment of section 9 of Irish Shipping Limited Act, 1947. |
1.— Section 9 of the Irish Shipping Limited Act, 1947 , is hereby amended by the substitution for subsections (1) and (2) of the following subsections: | |
“(1) The Minister may, after consultation with the Minister for Communications, guarantee— | ||
(a) the due repayment by the Company of the principal of any moneys borrowed, with his consent, by the Company or the payment of interest on such moneys or both the repayment of such principal and the payment of such interest, | ||
(b) the payment of promissory notes made by the Company or bills of exchange drawn or accepted by the Company. | ||
(1A) Whenever the Minister gives a guarantee under this section, he may— | ||
(a) in case it is a guarantee of the repayment of moneys borrowed or the repayment of interest on any such moneys, guarantee in such form and manner and in such moneys (including moneys in a currency other than the currency of the State) and on such terms and conditions as he thinks fit the due repayment by the Company of the moneys or the payment of the interest by the Company or both the repayment of such moneys and the payment of such interest, | ||
(b) in case it is a guarantee of payment of a promissory note or bill of exchange, guarantee in such form and manner and in such moneys (including moneys in a currency other than the currency of the State) and on such terms and conditions as he thinks fit, the due payment of the promissory note or bill of exchange, as the case may be. | ||
(2) The Minister shall not so exercise the powers conferred on him by subsection (1) of this section that the amount, or the aggregate amount, other than amounts in respect of interest, which he may at any one time be liable to repay on foot of any guarantee or guarantees under that subsection for the time being in force, together with the amounts (if any) other than amounts in respect of interest, which the Minister has previously paid on foot of any such guarantees and which have not been repaid, exceeds £45,000,000.”. |