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Transport (Re-Organisation of Córas Iompair Éireann) Act, 1986

Borrowing by a company.

20.—(1) The Board may lend money to a company to defray expenditure incurred by it for such purposes and subject to such terms and conditions as the Board thinks fit.

(2) (a) A company may, with the prior consent of the Board, borrow temporarily by arrangement with bankers such money (including money in a currency other than the currency of the State) as it may require for meeting its obligations and carrying out its duties.

(b) The Board shall not in any case so exercise its powers under paragraph (a) that the total indebtedness of the Board and the companies in respect of temporary borrowing exceeds the amount permitted to the Board under section 28 of the Act of 1950.

(3) Section 30 of the Act of 1950 (which relates in part to State guarantees of borrowing) shall not apply in relation to any money borrowed by a company by virtue of this section.