Air Companies (Amendment) Act, 1969

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Number 20 of 1969

AIR COMPANIES (AMENDMENT) ACT, 1969

ARRANGEMENT OF SECTIONS

Number 20 of 1969

AIR COMPANIES (AMENDMENT) ACT, 1969

AN ACT TO PROVIDE FOR THE TAKING UP BY THE MINISTER FOR FINANCE OF FURTHER SHARES OF AERLINTE EIREANN, TEORANTA, TO EMPOWER THE SAID MINISTER TO MAKE FURTHER CAPITAL PAYMENTS TO THE SAID AERLINTE EIREANN, TEORANTA, TO AMEND AND EXTEND THE AIR COMPANIES ACTS, 1966 AND 1967, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [29th July, 1969]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1.—In this Act—

“the Act of 1966” means the Air Companies Act, 1966 ;

“Aerlínte” means Aerlínte Éireann, Teoranta.

Power of Minister for Finance to acquire further shares in Aerlínte.

2.—In addition to the shares held by him in Aerlínte by virtue of section 2 of the Act of 1966, the Minister for Finance may subscribe for further shares (of any class) of Aerlínte to an amount not exceeding ten million pounds.

Further capital payments to Aerlínte.

3.—(1) The Minister for Finance may, on the recommendation of the Minister for Transport and Power, pay to Aerlínte such sums, not exceeding five million pounds, as Aerlínte may require for the purpose of defraying expenditure incurred by Aerlínte which is properly chargeable to capital.

(2) The sums paid to Aerlínte under this section shall be on such terms as to interest and other matters as may from time to time be determined by the Minister for Finance but shall not be repayable.

Provision of moneys for payments under the Act out of the Central Fund.

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

(2) The Minister for Finance may, for the purpose of providing for the payment of moneys out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any moneys required for that purpose, and for the purposes 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.

Alteration of memorandum and articles of association of Aerlínte.

5.—Aerlínte shall take such steps as may be necessary under the Companies Act, 1963 , to alter its memorandum and articles of association to make them consistent with this Act.

Amendment of section 5 of Act of 1966.

6.—Section 5 of the Act of 1966 is hereby amended—

(a) by the insertion after subsection (1) of the following—

“(1) (A) The Minister for Finance shall not so exercise the powers conferred on him by subsection (1) of this section that the aggregate amount of principal which he may at any time be liable to pay in respect of guarantees under the said subsection (1) for the time being in force in relation to moneys borrowed by Aer Lingus and Aerlínte (together with the amount of principal, if any, which the Minister for Finance has previously paid on foot of any such guarantees and has not been repaid) exceeds fifty million pounds.”,

(b) by the substitution in subsection (10) (a) of “subsection (1) (A)” for “subsections (2) and (3)”,

(c) by the insertion in subsection (10) (b) after “in” of “subsection (1) (A) and”, and

(d) by the deletion of subsections (2) and (3).

Repeal of section 4 of Act of 1966.

7.—Section 4 of the Act of 1966 is hereby repealed.

Short title and collective citation.

8.—(1) This Act may be cited as the Air Companies (Amendment) Act, 1969.

(2) The Air Companies Acts, 1966 and 1967, and this Act may be cited together as the Air Companies Acts, 1966 to 1969.