Fóir Teoranta (Amendment) Act, 1983

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Number 42 of 1983

FÓIR TEORANTA (AMENDMENT) ACT, 1983

ARRANGEMENT OF SECTIONS

Number 42 of 1983

FÓIR TEORANTA (AMENDMENT) ACT, 1983

AN ACT TO AMEND AND EXTEND THE FÓIR TEORANTA ACTS, 1972 TO 1982. [27th December, 1983].

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1.—In this Act—

“the Act of 1973” means the Fóir Teoranta (Amendment) Act, 1973 ;

“the Act of 1982” means the Fóir Teoranta (Amendment) Act, 1982 ;

“the Company” means Fóir Teoranta;

“the Minister” means the Minister for Finance;

“the Principal Act” means the Fóir Teoranta Act, 1972 .

Increase in maximum number of directors of Company.

2.—Section 5 (2) of the Principal Act is hereby amended by the substitution in paragraph (a) of “nine” for “seven”, and the said paragraph, as so amended, is set out in the Table to this section.

TABLE

(a) that the number of the directors of the Company (including the chairman) shall not be more than nine,

Increase of Company's power to borrow.

3.—The aggregate at any one time of the borrowings of the Company (including borrowings from the Minister, borrowings by Taiscí Stáit Teoranta and borrowings for any of the purposes of the Company which are consequent upon section 19 of the Principal Act, but excluding the borrowings by way of advances from the Minister which the Company is not liable to repay by virtue of section 4 of the Act of 1973 or section 5 of this Act) shall not exceed £150,000,000 and, accordingly, section 12 of the Principal Act (as amended by the Act of 1982) shall be construed as if the foregoing provisions of this section were substituted for paragraph (b) of the said section 12.

Increase of advances by Minister.

4.—The aggregate at any one time of the advances to the Company by the Minister (including advances to Taiscí Stáit Teoranta and advances for the purposes of any of the functions of the Company which are consequent upon section 19 of the Principal Act, but excluding the advances which the Company is not liable to repay by virtue of section 4 of the Act of 1973 or section 5 of this Act) which have not been repaid shall not exceed £150,000,000 and, accordingly, section 13 of the Principal Act (as amended by the Act of 1982) shall be construed as if the foregoing provisions of this section were substituted for subsection (3) of the said section 13.

Discharge of Company's liability to repay certain advances.

5.—(1) Notwithstanding the provisions of section 19 of the Principal Act, the Company shall not be liable to repay advances by the Minister totalling £2,160,000 made by him to Taiscí Stáit Teoranta.

(2) Notwithstanding any terms as to repayment which may have been determined by the Minister in accordance with section 13 of the Principal Act, the Company shall not be liable to repay advances by the Minister totalling £8,080,000 made by him to the Company under that section.

Remuneration, etc., of officers and servants of Company.

6.—(1) There shall be paid by the Company to its officers and servants such remuneration and allowances as the Company thinks fit, subject to, in the case of its chief officer (whether that officer is described as the Chief Officer or otherwise), the approval of the Minister given with the consent of the Minister for the Public Service.

(2) In determining the remuneration or allowances to be paid to its officers or servants or the terms or conditions subject to which such officers or servants hold or are to hold their employment, the Company shall have regard either to Government or nationally agreed guidelines which are for the time being extant, or to Government policy concerning remuneration and conditions of employment which is so extant, and, in addition to the foregoing, the Company shall comply with any directives with regard to such remuneration, allowances, terms or conditions which the Minister may give from time to time to the Company with the consent of the Minister for the Public Service.

Superannuation of officers and servants of Company.

7.—(1) The Company shall prepare and submit to the Minister for his approval a contributory scheme or schemes for the granting of pensions, gratuities and other allowances on retirement or death to or in respect of such officers or servants of the Company as it may think fit.

(2) The Company may at any time prepare and submit to the Minister a scheme amending or revoking a scheme under this section.

(3) Where a scheme is submitted to the Minister pursuant to this section, the Minister may, with the concurrence of the Minister for the Public Service, approve of the scheme.

(4) A scheme submitted to the Minister under this section shall, if approved of by the Minister with the concurrence of the Minister for the Public Service, be carried out by the Company in accordance with its terms.

(5) A scheme submitted and approved of under this section shall fix the time and conditions of retirement for all persons to or in respect of whom pensions, gratuities, or allowances on retirement or death are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons.

(6) If any dispute arises as to the claim of any person to, or the amount of, any pension, gratuity or allowance payable in pursuance of a scheme under this section, such dispute shall be submitted to the Minister who shall refer it to the Minister for the Public Service, whose decision shall be final.

(7) No pension, gratuity or other allowance shall be granted by the Company on the resignation, retirement or death of an officer or servant of the Company otherwise than in accordance with a scheme under this section.

(8) Every scheme submitted and approved of under this section shall be laid before each House of the Oireachtas as soon as may be after it is approved of and if either House, within the next twenty-one days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme, the scheme shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

Power to alter Memorandum and Articles of Association of Company.

8.—The Company shall take such steps as may be necessary under the Companies Acts, 1963 to 1983, to alter the Memorandum and Articles of Association of the Company to make them consistent with the Fóir Teoranta Acts, 1972 to 1983.

Short title and collective citation.

9.—(1) This Act may be cited as the Fóir Teoranta (Amendment) Act, 1983.

(2) The Fóir Teoranta Acts, 1972 to 1982, and this Act may be cited together as the Fóir Teoranta Acts, 1972 to 1983.