Nítrigin Éireann Teoranta Act, 1981

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Number 12 of 1981

NÍTRIGIN ÉIREANN TEORANTA ACT, 1981

ARRANGEMENT OF SECTIONS

Number 12 of 1981

NÍTRIGIN ÉIREANN TEORANTA ACT, 1981

AN ACT TO AMEND AND EXTEND THE NÍTRIGIN ÉIREANN TEORANTA ACTS, 1963 TO 1977. [25th May, 1981]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1.—In this Act—

“the Company” means Nítrigin Éireann Teoranta;

“the Minister” means the Minister for Industry, Commerce and Tourism;

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

Increase in share capital of Company.

2.—Notwithstanding anything in the Nítrigin Éireann Teoranta Acts, 1963 to 1977, the memorandum of the Company or the articles of association of the Company, the amount of the share capital of the Company shall be £77,500,000 divided into 77,500,000 shares of £1 each, and the Company may, with the consent of the Minister for Finance, divide the shares in the capital of the Company into several classes and attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions.

Acquisition of shares by Minister for Finance.

3.—The following section is hereby substituted for section 2 of the Principal Act (inserted by the Nítrigin Éireann Teoranta Act, 1975 ):

“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 £77,500,000.”.

Guarantee by Minister of borrowings by Company.

4.—Section 7 of the Principal Act is hereby amended by the substitution in subsection (2) of “£150,000,000” for “£100,000,000” (inserted by the Nítrigin Éireann Teoranta Act, 1977 ) and that subsection as so amended is set out in the Table to this section.

TABLE

(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section 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 subsection for the time being in force together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and which has not been repaid by the Company, exceeds £150,000,000.

Short title and collective citation.

5.—(1) This Act may be cited as the Nítrigin Éireann Teoranta Act, 1981.

(2) The Nítrigin Éireann Teoranta Acts, 1963 to 1977, and this Act may be cited together as the Nítrigin Éireann Teoranta Acts, 1963 to 1981.