Nitrigin Eireann Teoranta Act, 1975
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Number 24 of 1975 | ||||||||||||||
NITRIGIN EIREANN TEORANTA ACT, 1975 | ||||||||||||||
ARRANGEMENT OF SECTIONS | ||||||||||||||
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Number 24 of 1975 | ||||||||||||||
NITRIGIN EIREANN TEORANTA ACT, 1975 | ||||||||||||||
AN ACT TO AMEND AND EXTEND THE NITRIGIN EIREANN TEORANTA ACTS, 1963 AND 1970. [11th August, 1975] | ||||||||||||||
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— | ||||||||||||||
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Definitions. |
1.—In this Act— | |||||||||||||
“the Act of 1970” means the Nítrigin Éireann Teoranta Act, 1970 ; | ||||||||||||||
“the Principal Act” means the Nítrigin Éireann Teoranta Act, 1963 ; | ||||||||||||||
“the Company” and “the Minister” have the same meanings as in the Principal Act. | ||||||||||||||
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Increase in share capital of Company. |
2.—Notwithstanding anything in the Principal Act, the Act of 1970, the memorandum of the Company or the articles of association of the Company, the amount of the share capital of the Company shall be £27,500,000 divided into 27,500,000 shares of £1 each. | |||||||||||||
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Amendment of Principal Act. |
3.—The Principal Act is hereby amended by the substitution of the following section for section 2 (as amended by the Act of 1970): | |||||||||||||
“2. The Minister for Finance may, after consultation with the Minister, from time to time take up by subscription or purchase from the holder shares of the Company of any class or classes to an amount not exceeding in the aggregate £22,500,000, but may not, without the agreement of the Government, take up by subscription or purchase from the holder further shares of the Company.” | ||||||||||||||
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Guarantee by Minister of borrowings by Company. |
4.—The Minister shall not so exercise the powers conferred by section 7 (1) of the Principal Act that the amount or the aggregate amount of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that section for the time being in force (together with the amount of any principal which the Minister has previously paid on foot of any such guarantee or guarantees and which has not been repaid by the Company) exceeds £30,000,000 and, accordingly, section 7 (2) of the Principal Act is hereby amended by the substitution of “£30,000,000” for “£20,000,000” (inserted by the Act of 1970). | |||||||||||||
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Short title and collective citation. |
5.—(1) This Act may be cited as the Nítrigin Éireann Teoranta Act, 1975. | |||||||||||||
(2) The Nítrigin Éireann Teoranta Acts, 1963 and 1970, and this Act may be cited together as the Nítrigin Éireann Teoranta Acts, 1963 to 1975. | ||||||||||||||
