INDUSTRIAL CREDIT (AMENDMENT) ACT, 1983

AN ACT TO AMEND AND EXTEND THE INDUSTRIAL CREDIT ACTS, 1933 TO 1979. [31st March, 1983]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1 Interpretation.

1.—In this Act, “the Principal Act” means the Industrial Credit Act, 1933.

2 Amendment of Schedule to Principal Act.

2.—Paragraph 4 of the Schedule to the Principal Act is hereby amended by the substitution in clause (i) of subparagraph (d) (inserted by the Industrial Credit (Amendment) Act, 1971) of “£800,000,000” for “£400,000,000” (inserted by the Industrial Credit (Amendment) Act, 1979), and the said clause, as so amended, is set out in the Table to this section.

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• (i) the amount so raised or borrowed and standing unpaid at any particular time shall not exceed £800,000,000 less the amount (if any) which the Minister has, under a guarantee or guarantees given by him, paid in respect of the principal of moneys raised or borrowed by the Company and which stands at that time not repaid to the Minister by the Company,

3 Guarantees by Minister.

3.—Section 3 (3) of the Industrial Credit (Amendment) Act, 1958, is hereby amended by the substitution of “£800,000,000” for “£400,000,000” (inserted by section 2 of the Industrial Credit (Amendment) Act, 1979), and the said subsection, as so amended, is set out in the Table to this section.

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• (3) 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 has not been repaid by the Company, exceeds £800,000,000.

4 Waiver of repayment by Company of advances.

4.—(1) Where any sum is, or, before the passing of this Act, has been, advanced under section 4 of the Industrial Credit (Amendment) Act, 1959, the following provisions shall, notwithstanding anything contained in that Act, have effect:

• (a) the Minister for Finance may waive the repayment by the Company of the whole or part of—

• (i) such sum, or

• (ii) the balance thereof remaining unrepaid;

• (b) thereupon, the amount repayment of which has been waived shall cease to be repayable by the Company.

• (2) Any amount repayment of which by the Company has been waived pursuant to subsection (1) of this section shall be repaid to the Minister for Finance out of moneys provided by the Oireachtas.

• (3) Where any repayment has been made pursuant to subsection (2) of this section to the Minister for Finance, it shall be paid into the Exchequer.

5 Increase in number of directors of Company.

5.—(1) The Schedule to the Principal Act, is hereby amended by the substitution in paragraph 3 of that Schedule of “nine” for “seven”, and the said paragraph, as so amended, is set out in the Table to this subsection.

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• (2) The Schedule to the Principal Act is hereby further amended by the substitution in clause (i) of paragraph 4 (a) of “nine” for “seven” and of “five” for “four”, and the said clause, as so amended, is set out in the Table to this subsection.

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• (i) in case the number of the directors is nine, five of the said directors shall be nominated by the Minister from time to time as occasion requires,

6 Power to alter Memorandum and Articles of Association of Company.

6.—The Company shall take such steps as may be necessary under the Companies Acts, 1963 to 1982, to alter the Memorandum and Articles of Association of the Company to make them consistent with the Industrial Credit Acts, 1933 to 1983.

7 Short title, collective citation and construction.

7.—(1) This Act may be cited as the Industrial Credit (Amendment) Act, 1983.

• (2) The Industrial Credit Acts, 1933 to 1979, and this Act may be cited together as the Industrial Credit Acts, 1933 to 1983, and shall be construed together as one Act.