Dairy Produce (Miscellaneous Provisions) (Amendment) Act, 1984

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Number 3 of 1984

DAIRY PRODUCE (MISCELLANEOUS PROVISIONS) (AMENDMENT) ACT, 1984

ARRANGEMENT OF SECTIONS

Number 3 of 1984

DAIRY PRODUCE (MISCELLANEOUS PROVISIONS) (AMENDMENT) ACT, 1984

AN ACT TO AMEND AND EXTEND THE DAIRY PRODUCE (MISCELLANEOUS PROVISIONS) ACT, 1973 . [6th March, 1984]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Amendment of Dairy Produce (Miscellaneous Provisions) Act, 1973.

1.—The Dairy Produce (Miscellaneous Provisions) Act, 1973 is hereby amended by the substitution of the following section for section 6:

“6. (1) The Minister may, if he thinks fit and with the consent of the Minister for Finance, guarantee—

(a) a loan to the Society,

(b) payment of promissory notes made by the Society or bills of exchange drawn or accepted by the Society.

(2) Whenever the Minister gives a guarantee under this section, he may—

(a) in case it is a guarantee of a loan, 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,

(b) in case it is a guarantee of payment of a promissory note or bill of exchange, 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 payment of the promissory note or bill of exchange, as the case may be.

(3) The Minister shall not so exercise the powers conferred on him by subsections (1) and (2) of this section that the amount, or the aggregate amount, other than amounts in respect of interest, which he may at any one time be liable to pay on foot of any guarantee or guarantees under those subsections for the time being in force, together with the amounts, (if any) other than amounts in respect of interest, which the Minister has previously paid on foot of any such guarantees and which have not been repaid by the Society exceeds £90,000,000.

(4) Whenever the Minister guarantees a loan to the Society, or the payment of a promissory note or a bill of exchange, under this section, there shall be paid to the Minister by the Society in respect of the guarantee such fee (if any) as the Minister, with the concurrence of the Minister for Finance, determines.

(5) Moneys obtained by the Society on foot of—

(a) a loan guaranteed under this section,

or

(b) a promissory note or bill of exchange whose payment is guaranteed under this section,

shall be used by the Society solely for the acquisition, transportation, storage or insurance, in the course of its ordinary business, of dairy produce.

(6) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section given during that year or given at any time before, and in force at, the commencement of that year—

(a) particulars of the guarantee,

(b) in case any payment has been made by the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment,

(c) the amount, other than amounts in respect of interest, covered by the guarantee which was outstanding at the end of that year.

(7) Every guarantee under this section shall, unless it is sooner revoked or extinguished, expire on the 31st day of December, 1989.

(8) Moneys paid by the Minister under a guarantee under this section shall be repaid to the Minister by the Society (with, if the Minister for Finance so requires, interest thereon at such rate or rates as the Minister for Finance appoints), at such times and in such instalments as the Minister for Finance appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by the Minister as a simple contract debt in any court of competent jurisdiction.

(9) Moneys repaid by the Society to the Minister, or recovered from the Society by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer.

(10) All moneys from time to time required by the Minister to meet sums which may become payable by him under this section shall be advanced out of the Central Fund or the growing produce thereof.

(11) Whenever a guarantee under this section is or has been given in relation to the Society, the Society shall, if the Minister, with the concurrence of the Minister for Finance, so requires, give to him such security (including security affecting any or all of the specified assets) as may be specified in the requisition for the purpose of securing to the Minister the repayment of any moneys which he may be liable to pay or has paid under the guarantee.

(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 amounts in subsections (3) and (6) shall be taken as referring to the equivalent in the currency of the State of the actual amount, such equivalent being calculated according to the rate of exchange at the time of giving the guarantee;

(b) the reference to moneys in subsection (8) shall be taken as referring to the cost in the currency of the State of the actual moneys paid.”.

Repeal.

2.—The Dairy Produce (Miscellaneous Provisions) (Amendment) Act, 1979 is hereby repealed.

Short title and collective citation.

3.—(1) This Act may be cited as the Dairy Produce (Miscellaneous Provisions) (Amendment) Act, 1984.

(2) The Dairy Produce (Miscellaneous Provisions) Act, 1973 , and this Act my be cited together as the Dairy Produce (Miscellaneous Provisions) Acts, 1973 and 1984.