National Building Agency Limited Act, 1963.

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Number 32 of 1963.

NATIONAL BUILDING AGENCY LIMITED ACT, 1963.

ARRANGEMENT OF SECTIONS

SCHEDULE

Number 32 of 1963.

NATIONAL BUILDING AGENCY LIMITED ACT, 1963.

AN ACT TO AUTHORISE THE MINISTER FOR FINANCE TO TAKE UP SHARES OF NATIONAL BUILDING AGENCY LIMITED, TO PROVIDE FOR THE MAKING BY THAT MINISTER OF ADVANCES OUT OF THE CENTRAL FUND TO THAT COMPANY AND FOR THE GUARANTEEING BY THE MINISTER FOR LOCAL GOVERNMENT OF BORROWINGS BY THAT COMPANY AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [18th December, 1963.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Definitions.

1.—In this Act—

“the Company” means National Building Agency Limited;

“the Minister” means the Minister for Local Government.

Taking up of shares by Minister for Finance.

2.—The Minister for Finance may from time to time take up by subscription or purchase from the holder any class or classes of shares of the Company and the amounts, not exceeding in the aggregate one hundred thousand pounds, which may be subscribed or paid under this section shall be determined by the Minister for Finance after consultation with the Minister.

Holding by Minister for Finance of shares.

3.—The Minister for Finance may hold for as long as he thinks fit any shares of the Company taken up or acquired by him and may, as and when he thinks fit but after consultation with the Minister, sell or otherwise dispose of all or any of such shares.

Exercise by Minister for Finance of right or power exercisable by holder of shares.

4.—The Minister for Finance may exercise in respect of the shares of the Company held by him all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his attorney.

Exemption from stamp duty.

5.—Section 112 of the Stamp Act, 1891, shall not operate so as to require the Company to deliver to the Registrar of Companies any statement or to pay any stamp duty under that section in respect of any increase of the capital of the Company made for the purpose of enabling the Minister for Finance to take up shares of the Company.

Advances to Company by Minister for Finance.

6.—(1) The Minister for Finance may, on the recommendation of the Minister, make advances to the Company for the carrying out of the Company's objects.

(2) Advances under this section shall be made on such terms as to repayment, interest and other matters as may be determined by the Minister for Finance.

Guaranteeing by Minister of borrowings by Company.

7.—(1) The Minister may, with the consent of the Minister for Finance, guarantee, in such form and manner and on such terms and conditions as the Minister for Finance may sanction, the due repayment by the Company of the principal of any moneys borrowed by the Company or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest.

(2) Where a guarantee under this section is or has been given, the Company shall, if the Minister so requires, give to him such security (including, in particular, debentures) as may be specified in the requisition for the purpose of securing to the Minister the repayment of any moneys which he may be liable to pay or has paid under the guarantee.

(3) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section given during that year or given at any time before, and in force at, the commencement of that year—

(a) particulars of the guarantee,

(b) in case any payment has been made by the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment,

(c) the amount of principal covered by the guarantee which was outstanding at the end of that year.

(4) Moneys paid by the Minister under a guarantee under this section shall be repaid to him (with interest thereon at such rate or rates as the Minister for Finance appoints) by the Company within two years from the date of the advance of the moneys out of the Central Fund.

(5) Where the whole or any part of moneys required by subsection (4) of this section to be repaid to the Minister has not been repaid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(6) Notwithstanding the provision of moneys under subsection (5) of this section to repay the amount to the Central Fund, the Company shall remain liable to the Minister in respect of that amount and that amount (with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to the Minister by the Company at such times and in such instalments as the Minister for Finance appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.

Provision of money for payments under this Act out of Central Fund.

8.—(1) All moneys from time to time required by the Minister for Finance and the Minister to meet sums which may become payable by them under this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2) The Minister for Finance may, for the purpose of providing for advances out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose, and for the purpose of such borrowing, he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.

(3) The principal of and interest on all securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

Limit on aggregate of advances and certain principal.

9.—The aggregate at any one time of—

(a) advances under section 6 of this Act which have not been repaid,

(b) principal which the Minister is liable to repay on foot of any guarantee or guarantees under section 7 of this Act, and

(c) principal which the Minister has previously paid on any such guarantee or guarantees and which has not been repaid by the Company,

shall not exceed two million pounds.

Payments of dividends, etc., into Exchequer.

10.—There shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit:

(a) dividends, bonus, net proceeds of sales and other moneys received by the Minister for Finance in respect of shares of the Company,

(b) moneys which are received by the Minister for Finance in repayment of or as interest on moneys advanced by him under section 6 of this Act,

(c) moneys which are repaid to or recovered by the Minister under subsection (4) or subsection (6) of section 7 of this Act

Provisions having effect in certain circumstances.

11.—The provisions of the Schedule to this Act shall have effect so long as—

(a) the Minister for Finance holds any shares of the Company,

(b) any moneys borrowed by the Company, the due repayment of which is guaranteed by the Minister under this Act, have not been repaid,

(c) any moneys borrowed by the Company, the due repayment of which is so guaranteed and the amount of which has been paid by the Minister under the guarantee, have not (together with interest thereon at the rates appointed by the Minister for Finance) been repaid by the Company to the Minister or recovered from the Company by him, or

(d) any moneys advanced to the Company from the Central Fund have not been repaid.

Amendment of Schedule to State Guarantees Act, 1954.

12.—The Schedule to the State Guarantees Act, 1954 , is hereby amended by the deletion of the references to the Company and to £250,000 inserted by the State Guarantees Act, 1954 (Amendment of Schedule) Order, 1961 .

Expenses of administration.

13.—The expenses incurred in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

Short title.

14.—This Act may be cited as the National Building Agency Limited Act, 1963.

SCHEDULE.

Section 11 .

Provisions having effect so long as the Minister for Finance holds any shares of the Company or any moneys borrowed by the Company the due repayment of which is guaranteed by the Minister have not been repaid or any moneys paid by the Minister under a guarantee have not been repaid to him by or recovered by him from the Company or any moneys advanced to the Company from the Central Fund have not been repaid.

Restriction on alteration of memorandum and articles of association.

1. Notwithstanding anything contained in the Companies Acts, 1908 to 1959, or in the memorandum or articles of association of the Company, an alteration in the said memorandum or articles shall not be valid or effectual unless made with the previous approval of the Minister given after consultation with the Minister for Finance.

Vesting in Minister for Finance upon director's death, etc., of share held by such director.

2. Upon the retirement or death of a director of the Company or upon the office of a director becoming vacated in accordance with the articles of association of the Company, any share held by such director shall, without the necessity of a transfer, vest in the Minister for Finance upon payment by him to such former director or his legal personal representative of any sum which such former director paid for the acquisition of the share.

Furnishing of accounts to Minister.

3. (1) The Company shall, as soon as may be after the end of each accounting year of the Company, furnish to the Minister—

(a) a balance sheet as at the end of that accounting year duly audited by the auditor of the Company,

(b) an income and expenditure account for that accounting year duly audited by the auditor of the Company, and

(c) a copy of the report of the directors of the Company to the shareholders of the Company for that accounting year.

(2) The balance sheet and income and expenditure account furnished pursuant to subparagraph (1) of this paragraph shall be drawn up in such form and manner as the Minister, after consultation with the Minister for Finance, shall direct.

(3) A copy of every balance sheet, income and expenditure account and report furnished to the Minister pursuant to subparagraph (1) of this paragraph shall be laid by him before each House of the Oireachtas as soon as may be after such balance sheet, income and expenditure account and report are so furnished to him.

(4) The Company shall, if so required by the Minister, furnish to him such information as he may require in respect of any balance sheet, income and expenditure account or report of the Company or in relation to the policy and operations of the Company.

Membership of either House of the Oireachtas by directors, officers and servants of Company.

4. (1) Where a director of the Company is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a director of the Company.

(2) Where a person who is either an officer or a servant in the employment of the Company becomes a member of either House of the Oireachtas—

(a) he shall, during the period commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from such employment or upon the termination of such employment by the Company, stand seconded from such employment,

(b) he shall not be paid by, or entitled to receive from, the Company any salary or wages, as the case may be, in respect of that period.

(3) If a person who is or was an officer or servant of the Company becomes entitled to a pension under the Ministerial and Parliamentary Offices Acts, 1938 to 1960, he shall not be entitled to reckon the whole or any part of his period of pensionable service, within the meaning of those Acts, for any superannuation benefits payable under a scheme made by the Company for the payment, of superannuation benefits to or in respect of the officers or servants of the Company.

(4) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall, while so entitled, be disqualified from becoming a director of the Company or an officer or servant of the Company.

Restriction on making of superannuation scheme.

5. A scheme made by the Company for the payment of superannuation benefits to or in respect of the officers or servants of the Company shall not be valid unless made with the consent of the Minister given with the concurrence of the Minister for Finance.