Trade Loans (Guarantee) (Amendment) Act, 1933

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Number 10 of 1933.

TRADE LOANS (GUARANTEE) (AMENDMENT) ACT, 1933.

ARRANGEMENT OF SECTIONS

Number 10 of 1933.

TRADE LOANS (GUARANTEE) (AMENDMENT) ACT, 1933.

AN ACT TO AMEND AND EXTEND THE TRADE LOANS (GUARANTEE) ACTS, 1924 TO 1932. [23rd June, 1933.]

BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

Definitions.

1.—In this Act—

the expression “the Principal Acts” means the Trade Loans (Guarantee) Acts, 1924 to 1932;

the expression “the Act of 1924” means the Trade Loans (Guarantee) Act, 1924 (No. 41 of 1924);

the expression “manufacturing undertaking” means an undertaking of which the object or principal object is the manufacture or production in Saorstát Eireann of goods or articles for sale.

Cesser of operations under the Principal Acts.

2.—No loan shall be guaranteed or made under the Principal Acts after the passing of this Act but loans may, after such passing, be guaranteed or made under those Acts as amended and extended by this Act.

Limitations on guarantee and loans.

3.—The following provisions shall apply in respect of all loans guaranteed or made after the passing of this Act under the Principal Acts as amended and extended by this Act, that is to say:—

(a) the limitations imposed by section 2 of the Trade Loans (Guarantee) (Amendment) Act, 1932 (No. 12 of 1932), shall not apply in respect of loans so guaranteed or made;

(b) no such loan shall be so guaranteed or made after the expiration of five years from the passing of this Act;

(c) no loan of less than five hundred pounds shall be so guaranteed or made;

(d) the limitations imposed by sub-section (2) of section 1 and sub-section (2) of section 2 of the Act of 1924 as amended by the Trade Loans (Guarantee) (Amendment) Act, 1926 (No. 33 of 1926), shall not apply in respect of the loans so guaranteed or made;

(e) the total amount of the loans so guaranteed or made shall not exceed the sum of one million pounds.

Amendment of section 1 of the Act of 1924.

4.— Section 1 of the Act of 1924 is hereby amended as follows, that is to say:—

(a) different advisory committees may be appointed for the purposes of the said section in respect of different matters or for different occasions;

(b) sub-section (1) of the said section shall have effect as if after the word “unincorporate” there were inserted the words “or by any individuals or individual”;

(c) in the application of the said section to loans raised in connection with or for the purposes of a manufacturing undertaking, the said section shall have effect as if the word “capital,” where it occurs in the expression “capital undertaking” were omitted;

(d) sub-section (4) of the said section shall not apply to any guarantee given in respect of a loan raised in connection with or for the purposes of a manufacturing undertaking.

Power to grant loans.

5.—Wherever the Minister for Industry and Commerce could, after the passing of this Act, guarantee under section 1 of the Act of 1924 as amended by this Act a loan proposed to be raised by any such person as is mentioned in sub-section (1) of that section as so amended, the said Minister may, if he thinks fit with the sanction of the Minister for Finance and subject to the limitations imposed by the Principal Acts as amended and extended by this Act, himself grant such loan upon such terms and conditions as to time and manner of repayment, rate of interest, security, and other matters whatsoever as he shall with the sanction aforesaid think proper.

Amendment of section 2 of the Act of 1924.

6.—Different advisory committees may be appointed for the purposes of section 2 of the Act of 1924 in respect of different matters or for different occasions and the said section shall have effect accordingly.

Application of certain sections of the Act of 1924.

7.—(1) Sections 3 , 4 , 5 , and 7 of the Act of 1924 shall apply in respect of all loans guaranteed or made, after the passing of this Act, under the Principal Acts as amended and extended by this Act in like manner in all respects as they apply in respect of loans guaranteed or made under the Principal Acts before the passing of this Act.

(2) The obligation imposed by section 6 of the Act of 1924 on the Minister for Industry and Commerce to lay before each House of the Oireachtas such statement and particulars as are mentioned in that section shall extend to and be performed in respect of—

(a) loans guaranteed or made after the passing of this Act under the Principal Acts as amended and extended by this Act in like manner in all respects as it applies in respect of loans guaranteed or made under the Principal Acts before the passing of this Act, and

(b) every three months of any period during which guarantees may be given or loans may be granted, after the passing of this Act, under the Principal Acts as amended and extended by this Act.

(3) The obligation imposed by section 6 of the Act of 1924 on the Minister for Industry and Commerce to lay before each House of the Oireachtas such annual account as is mentioned in that section shall continue so long as any guarantee given under the Principal Acts as amended by this Act continues in force or any loan or part of a loan made under those Acts as so amended remains outstanding, and every such account shall extend to sums issued out of the Central Fund and sums paid into the Exchequer under the Act of 1924 as applied by this Act.

Short title and citation.

8.—(1) This Act may be cited as the Trade Loans (Guarantee) (Amendment) Act, 1933.

(2) The Principal Acts and this Act may be cited together as the Trade Loans (Guarantee) Acts, 1924 to 1933.