NITRIGIN EIREANN TEORANTA ACT, 1970

Type Act

Publication 1970-05-05

Last updated 2001-07-03

State Repealed superseded text

Text As published

Source Irish Statute Book

articles 12

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

2 amending acts · 2001-07-03, NITRIGIN EIREANN TEORANTA ACT, 2001

Reform history JSON API

AN ACT TO AMEND AND EXTEND THE NITRIGIN EIREANN TEORANTA ACT, 1963. [5th May, 1970.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1 Definitions.

1.—In this Act—

“the Principal Act” means the Nítrigin Éireann Teoranta Act, 1963; “the Company” and “the Minister” have the same meanings as in the Principal Act.

2.—Notwithstanding anything in the Principal Act, the memorandum of the Company or the articles of association of the Company, the amount of the share capital of the Company shall be £7,500,000 divided into 7,500,000 shares of £1 each.

3 Issue to Minister for Finance of certain shares.

3.—(1) As soon as may be after the passing of this Act the Company shall issue to the Minister for Finance, without further payment by him, fully paid up shares of the Company to the amount of 4,712,000.

(2) Of the said 4,712,000 shares—

(a) 3,500,000 shall be in respect of £3,500,000 advanced by the said Minister to the Company under section 5 of the Principal Act, being part of the aggregate amount of £6,000,000 so advanced, and accordingly upon the issue of the said shares provided for by subsection (1) of this section the amount of advances made under section 5 of the Principal Act and repayable thereunder to the Minister for Finance shall be £2,500,000 and

(b) 1,212,000 shall be in lieu of and in consideration of the interest accrued on the said £6,000,000 to the 30th day of June, 1967.

(3) The said issue of 1,212,000 shares referred to in subsection (2) of this section shall, for the purposes of section 5 (2) of the Principal Act, be deemed to be payment, up to the said 30th day of June, 1967, of the interest on the said £6,000,000 as determined under the said section 5 (2).

(4) Notwithstanding anything in the Principal Act or any determination made by the Minister for Finance under section 5 (2) of that Act, interest shall be payable from the 1st day of July, 1967 (in accordance with any determination made under that section after the passing of this Act) on the amount of £2,500,000 mentioned in subsection (2) (a) of this section as repayable to that Minister under section 5 of the Principal Act, and on no other amount of advances under that section.

4 Power of Minister for Finance to hold or sell shares of the Company.

4.—The Minister for Finance may hold, for so long as he thinks fit, shares of the Company acquired by him under the Principal Act or this Act and may, as and when he thinks fit, sell all or any of those shares.

5 Advances to Company by Minister for Finance.

5.—(1) Section 5 of the Principal Act is hereby amended by the substitution of the following for subsection (1):

“(1) The Minister for Finance may, on the recommendation of the Minister, make repayable advances to the Company but, account being taken of advances made to the Company before the passing of this Act out of moneys provided by the Oireachtas, such advances shall not exceed in the aggregate £2,500,000.”.

(2) Subsection (1) of this section shall come into operation on the day after the date of issue by the Company to the Minister for Finance in accordance with section 3 (1) of this Act of fully paid up shares of the Company.

(3) Section 5 of the Principal Act is hereby further amended by the insertion after subsection (2) of the following:

“(2A) Any terms as to repayment, interest or other matters determined by the Minister for Finance under subsection (2) of this section may be modified by him as if the advances remaining repayable in accordance with section 3 (2) of the Nítrigin Éireann Teoranta Act, 1970, had been made on the 1st day of July, 1967.”.

6 Guarantee by Minister of borrowings by Company.

6.—The Minister shall not so exercise the powers conferred by section 7 (1) 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 that section for the time being in force (together with the amount of any principal which the Minister has previously paid on foot of any such guarantee or guarantees and which has not been repaid by the Company) exceeds £2,000,000 and, accordingly, section 7 (2) of the Principal Act is hereby amended by the substitution of “£2,000,000” for “£1,000,000”.

7 Amendment of section 7 of Principal Act.

7.—(1) Section 7 of the Principal Act is hereby amended by the insertion in subsection (1) after “and the payment of the interest” of “or the due payment by the Company of instalments of moneys outstanding under a contract entered into by the Company or the interest on any such moneys outstanding or both the payment of such instalments and such interest.”

(2) In section 7 (4) (c) of the Principal Act and section 6 of this Act “principal” shall be construed as including moneys outstanding under a contract entered into by the Company, and in sections 9 (b) and 9 (c) of the Principal Act “moneys borrowed” shall be construed as including moneys outstanding under a contract entered into by the Company.

8 Exemption from stamp duties.

8.—Section 112 of the Stamp Act, 1891, shall not operate so as to require the Company to deliver to the Registrar of Companies any statement or to pay any stamp duty under that section in respect of any increase of the capital of the Company effected after the passing of this Act.

9 Alteration of memorandum and articles of association.

9.—The Company shall take such steps as may be necessary under the Companies Act, 1963, to alter the memorandum and articles of association of the Company to make them consistent with this Act.

10 Miscellaneous amendments of Principal Act.

10.—Each provision of the Principal Act mentioned in column (1) of the Schedule to this Act is hereby amended in the manner stated in column (2) of that Schedule opposite the mention of that provision in column (1).

11 Expenses of Minister.

11.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

12 Short title and collective citation.

12.—(1) This Act may be cited as the Nítrigin Éireann Teoranta Act, 1970.

(2) The Principal Act and this Act may be cited together as the Nítrigin Éireann Teoranta Acts, 1963 and 1970.

SCHEDULE Miscellaneous Amendments of the Principal Act


(1)	(2)
Provision amended	Amendment
Section 2.	The substitution of “£7,500,000” for “£100”.
Section 7.	The insertion in subsection (1) after “in such form and manner” of “and in such moneys (including moneys in a currency other than the currency of the State)”. The insertion after subsection (8) of the following: “(9) In relation to a guarantee under this section in moneys in a currency other than the currency of the State— (a) each of the references to principal in subsection (2) of this section shall be taken as referring to the equivalent in 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) each of the references to moneys in subsection (5) of this section shall be taken as referring to the cost in currency of the State of the actual moneys. (10) Where— (a) the equivalent in currency of the State of other currency is being calculated pursuant to paragraph (a) of the foregoing subsection, and (b) the currencies having, at the time specified in that paragraph, par values established under the Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency, the reference in that paragraph to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values.”
Section 9.	The substitution of “not less than one half (in nominal value) of the shares” for “any shares”.
Schedule.	The substitution of “NOT LESS THAN ONE HALF (IN NOMINAL VALUE) OF THE SHARES” for “ANY SHARES” in the title. The insertion after paragraph 4 of the following: “4A. The articles of association of the Company shall specify the number of directors (including the chairman of the Board of Directors of the Company) of the Company and the number so specified shall not exceed seven. 4B. The Minister after consultation with the Minister for Finance shall appoint the directors of the Company. 4C. The Minister after consultation with the Minister for Finance shall appoint a director of the Company to be chairman of the Board of Directors of the Company.”

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