Nitrigin Eireann Teoranta Act, 1977

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Number 35 of 1977

NITRIGIN EIREANN TEORANTA ACT, 1977

ARRANGEMENT OF SECTIONS

Number 35 of 1977

NITRIGIN EIREANN TEORANTA ACT, 1977

AN ACT TO AMEND AND EXTEND THE NITRIGIN EIREANN TEORANTA ACTS, 1963 TO 1975. [20th December, 1977]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1.—In this Act—

“the Company” and “the Minister” have the same meanings as in the Principal Act;

“the Principal Act” means the Nítrigin Éireann Teoranta Act, 1963 .

Guarantee by Minister of borrowings by Company.

2.—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 £100,000,000 and, accordingly, section 7 (2) of the Principal Act is hereby amended by the substitution of “£100,000,000” for “£30,000,000” (inserted by the Nítrigin Éireann Teoranta Act, 1975 ).

Extension of guarantees by Minister.

3.—A guarantee under section 7 (1) (as amended by the Nítrigin Éireann Teoranta Act, 1970 ) of the Principal Act may include a guarantee of the due payment by the Company of commission and incidental expenses arising in connection with moneys borrowed by the Company.

Remuneration etc. of chief officer of Company.

4.—There shall be paid by the Company to its chief officer (whether that officer is described as the Chief Executive or otherwise) such remuneration and allowances as the Company, with the approval of the Minister given with the consent of the Minister for the Public Service, shall determine.

Superannuation of staff of Company.

5.—Any alteration in the terms, in operation at the passing of this Act, governing the grant of pensions, gratuities, allowances or other payments on resignation, retirement or death, to or in respect of a member of the permanent staff of the Company, including its chief officer, or any other arrangement to provide for benefits additional to the terms referred to above, shall not take effect unless the alteration or arrangement has the approval of the Minister, given with the consent of the Minister for the Public Service.

Short title and collective citation.

6.—(1) This Act may be cited as the Nítrigin Éireann Teoranta Act, 1977.

(2) The Nítrigin Éireann Teoranta Acts, 1963 to 1975, and this Act may be cited together as the Nítrigin Éireann Teoranta Acts, 1963 to 1977.