Transport Act, 1981
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Guarantees in respect of certain moneys payable by Board. |
4.—(1) The following is substituted for section 2 (2) of the State Guarantees (Transport) Act, 1962 : | |
“(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section or by section 4 (1) of the Transport Act, 1974 , that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay pursuant to a guarantee or guarantees under this section or section 4 of the Transport Act, 1974 (or under both those sections), and for the time being in force, together with the amount of principal (if any) which he has previously paid pursuant to any such guarantees and which has not been repaid, exceeds £180,000,000.”. | ||
(2) The following is inserted after section 2 (2) of the State Guarantees (Transport) Act, 1962 (inserted by this Act): | ||
“(3) For the purposes of calculating the amount of moneys guaranteed by the Minister under this section by reference to the limit on principal in subsection (2) of this section, the equivalent in the currency of the State of moneys in a currency other than the currency of the State shall be calculated at the exchange rate prevailing at the time of the giving of the guarantee.”. |