Dairy Produce (Miscellaneous Provisions) (Amendment) Act, 1979
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Number 38 of 1979 | ||||||||||||||||
DAIRY PRODUCE (MISCELLANEOUS PROVISIONS) (AMENDMENT) ACT, 1979 | ||||||||||||||||
ARRANGEMENT OF SECTIONS | ||||||||||||||||
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Number 38 of 1979 | ||||||||||||||||
DAIRY PRODUCE (MISCELLANEOUS PROVISIONS) (AMENDMENT) ACT, 1979 | ||||||||||||||||
AN ACT TO AMEND AND EXTEND THE DAIRY PRODUCE (MISCELLANEOUS PROVISIONS) ACTS, 1973 TO 1977. [26th December, 1979] | ||||||||||||||||
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: | ||||||||||||||||
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Definition. |
1.—In this Act “the Principal Act” means the Dairy Produce (Miscellaneous Provisions) Act, 1973 . | |||||||||||||||
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Increase of amount of guarantee of loans to An Bord Bainne Co-operative Limited. |
2.—The Minister for Agriculture shall not so exercise the powers conferred on him by sections 6 (1) and 6 (2) 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 those sections for the time being in force, together with the amount of principal (if any) which that Minister has previously paid on foot of any such guarantees and which has not been repaid by An Bord Bainne Co-operative Limited, exceeds £90,000,000 and, accordingly section 6 (3) of the Principal Act shall be construed as if that sum were substituted for the sum mentioned therein. | |||||||||||||||
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Extension of guarantees under section 6 of Principal Act. |
3.—Every guarantee under section 6 of the Principal Act shall, unless it is sooner revoked or extinguished, expire on the 31st day of December, 1983. | |||||||||||||||
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Amendment of section 6 of Principal Act. |
4.—(1) The following subsections are hereby substituted for sections 6 (2) and 6 (5) of the Principal Act: | |||||||||||||||
“(2) Whenever the Minister guarantees a loan under this section, he may guarantee in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as the Minister for | ||||||||||||||||
Finance may sanction, the due repayment by the Society of the principal of the loan or the payment of interest on the loan, or both the repayment of such principal and the payment of such interest. | ||||||||||||||||
(5) Moneys obtained by the Society on foot of a loan guaranteed under this section shall be used solely by the Society for the acquisition, transportation, storage and insurance, in the course of its ordinary business, of dairy produce.”. | ||||||||||||||||
(2) The following subsection is hereby inserted after subsection (11) of section 6 of the Principal Act: | ||||||||||||||||
“(12) In relation to a guarantee under this section in a currency other than the currency of the State— | ||||||||||||||||
(a) each of the references to principal in subsections (3) and (7) shall be taken as referring to the equivalent in the currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of the giving of the guarantee; | ||||||||||||||||
(b) the reference to moneys in subsection (9) shall be taken as referring to the cost in the currency of the State of the actual money paid.”. | ||||||||||||||||
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Repeals. |
5.—The Dairy Produce (Miscellaneous Provisions) (Amendment) Act, 1976 , and the Dairy Produce (Miscellaneous Provisions) (Amendment) Act, 1977 , are hereby repealed. | |||||||||||||||
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Short title and collective citation. |
6.—(1) This Act may be cited as the Dairy Produce (Miscellaneous Provisions) (Amendment) Act, 1979. | |||||||||||||||
(2) The Principal Act and this Act may be cited together as the Dairy Produce (Miscellaneous Provisions) Acts, 1973 and 1979. | ||||||||||||||||
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