Number 13 of 1979

IRISH STEEL HOLDINGS LIMITED (AMENDMENT) ACT, 1979

ARRANGEMENT OF SECTIONS

Number 13 of 1979

IRISH STEEL HOLDINGS LIMITED (AMENDMENT) ACT, 1979

Interpretation and construction.

1.—(1) In this Act—

“the Act of 1963” means the Irish Steel Holdings Limited (Amendment) Act, 1963;

“the Act of 1971” means the Irish Steel Holdings Limited (Amendment) Act, 1971;

“the Principal Act” means the Irish Steel Holdings Limited Act, 1960.

(2) This Act shall be construed as one with the Principal Act.

Amendment of section 1 of Principal Act.

2.—(1) Section 1 of the Principal Act is hereby amended by the substitution of the following for the definition of “the Company”:

“‘the Company’ means Irish Steel Limited;”.

(2) This section shall come into force on such day as the Minister shall fix by order.

Amendment of section 2 of Principal Act.

3.—Section 2 of the Principal Act (which provides that the share capital of the Company shall be £6,000,000) is hereby amended by the substitution of “£25,000,000” for “£6,000,000” (inserted by section 2 of the Act of 1963) and section 2 of the Principal Act, as so amended, is set out in the Table to this section.

TABLE

2.—Notwithstanding anything contained in the Companies Acts or in the memorandum or articles of association of the Company, the share capital of the Company shall be twenty-five million pounds divided into shares of one pound each and the Company shall have power, with the consent of the Minister for Finance, to divide the shares in the capital of the Company into several classes and to attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions.

Amendment of section 3 of Principal Act.

4.—Section 3 (1) of the Principal Act (which imposes a limit of £6,000,000 on the acquisition of shares of the Company by the Minister for Finance) is hereby amended by the substitution of “£25,000,000” for “£6,000,000” (inserted by section 3 of the Act of 1963), and the said section 3 (1) as so amended, is set out in the Table to this section.

TABLE

3.—(1) The Minister for Finance may, after consultation with the Minister, from time to time, take up by subscription or purchase from the holder shares of the Company of any class or classes to an amount not exceeding in the aggregate £25,000,000, including any sum expended before the passing of this Act on such purchases from moneys provided by the Oireachtas.

Amendment of section 9 of Principal Act.

5.—(1) Subsection (3) of section 9 of the Principal Act is hereby amended by the substitution of “£60,000,000” for “£3,000,000” (inserted by section 2 of the Act of 1971), and the said subsection (3), as so amended, is set out in the Table to this section.

TABLE

9.—(3) The Minister shall not so exercise the powers conferred by subsections (1) and (2) of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to repay on foot of any guarantee or guarantees under those subsections 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 £60,000,000.

(2) The following subsections are hereby substituted for subsections (1) and (2) of section 9 of the Principal Act:

“(1) The Minister may if he so thinks fit, with the consent of the Minister for Finance, guarantee a loan to the Company or the due payment by the Company of instalments or other amounts of money (including money in a currency other than the currency of the State) owed by the Company and outstanding under a contract entered into by the Company or the interest on any such instalments or amounts outstanding or both the payment of such instalments or amounts outstanding and such interest.

(2) Whenever the Minister guarantees a loan under this section, he may guarantee, in such form and manner and on such terms and conditions as the Minister for Finance may sanction, the due repayment by the Company 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 or the due payment by the Company of instalments or other amounts of money (including money in a currency other than the currency of the State) owed by the Company and outstanding under a contract entered into by the Company or the interest on any such instalments or amounts outstanding or both the payment of such instalments or amounts outstanding and such interest, and the guarantee may also guarantee the payment by the Company of commissions and incidental expenses arising in connection with the loan or contract.”

(3) Section 9 of the Principal Act is hereby amended by the addition of the following subsections:

“(11) 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 (3) 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.

(12) In relation to guarantees given under this section by the Minister in money in a currency other than the currency of the State—

(i) the reference to a loan, each of the references to instalments and each of the references to amounts in subsection (1) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, the actual instalments and the actual amounts, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal, the actual instalments or the actual amounts as may be appropriate,

(ii) the reference to a loan, each of the references to principal, each of the references to instalments, each of the references to amounts and the reference to commissions and incidental expenses in subsection (2) of this section shall be taken as referring to the equivalent in currency of the State of the actual loan, the actual principal, the actual instalments, the actual amounts and the actual commissions and incidental expenses, such equivalent being calculated according to the rate of exchange for the time being for the currency concerned and the currency of the State,

(iii) each of the references to moneys in subsections (4) to (9) of this section shall be taken as referring to the cost in the currency of the State of the actual moneys.”

Chief officer's remuneration etc.

6.—There shall be paid by the Company to its chief officer (whether that officer is so described or otherwise) such remuneration and allowances as the Company, with the approval of the Minister given with the consent of the Minister for the Public Service, shall determine.

Superannuation of staff of Company.

7.—Any alteration in the terms, in operation at the passing of this Act, governing the grant of pensions, gratuities, allowances or other payments on resignation, retirement or death, to or in respect of a member of the permanent staff of the Company, including its chief officer, or any other arrangement to provide for benefits additional to the terms referred to above, shall not take effect unless the alteration or arrangement has the approval of the Minister, given with the consent of the Minister for the Public Service.

Short title and collective citation.

8.—(1) This Act may be cited as the Irish Steel Holdings Limited (Amendment) Act, 1979.

(2) The Irish Steel Holdings Limited Acts, 1960 to 1971, and this Act may be cited together as the Irish Steel Holdings Limited Acts, 1960 to 1979.

Uimhir 13 de 1979

AN tACHT UM GHABHÁLTAIS CHRUACH NA hÉIREANN TEORANTA (LEASÚ), 1979

[An tiontú oifigiúil]

Léiriú agus forléiriú.

1.—(1) San Acht seo—

ciallaíonn “Acht 1963” an tAcht um Ghabháltais Chruach na hÉireann Teoranta (Leasú), 1963;

ciallaíonn “Acht 1971” an tAcht um Ghabháltais Chruach na hÉireann Teoranta (Leasú). 1971;

ciallaíonn “an Príomh-Acht” an tAcht um Ghabháltais Chruach na hÉireann Teoranta, 1960.

(2) Forléireofar an tAcht seo agus an Príomh-Acht mar aon ní amháin.

Leasú ar alt 1 den Phríomh-Acht.

2.—(1) Leasaítear leis seo alt 1 den Phríomh-Acht tríd an méid seo a leanas a chur in ionad an mhínithe ar “an Chuideachta”:

“ciallaíonn ‘an Chuideachta’ Cruach na hÉireann Teoranta;”.

(2) Tiocfaidh an t-alt seo i bhfeidhm cibé lá a shocróidh an tAire le hordú.

Leasú ar alt 2 den Phríomh-Acht.

3.—Leasaítear leis seo alt 2 den Phríomh-Acht (a fhorálann gur £6,000,000 scairchaipiteal na Cuideachta) trí “£25,000,000” a chur in ionad “£6,000,000” (a cuireadh isteach le halt 2 d'Acht 1963) agus tá alt 2 den Phríomh-Acht, arna leasú amhlaidh, leagtha amach sa Tábla a ghabhann leis an alt seo.

Leasú ar alt 3 den Phríomh-Acht.

4.—Leasaítear leis seo alt 3 (1) den Phríomh-Acht (a chuireann £6,000,000 de theorainn leis na scaireanna a fhéadfaidh an tAire Airgeadais a thógáil sa Chuideachta) trí “£25,000,000” a chur in ionad “£6,000,000” (a cuireadh isteach le halt 3 d'Acht 1963), agus tá an t-alt sin 3 (1), arna leasú amhlaidh, leagtha amach sa Tábla a ghabhann leis an alt seo.

Leasú ar alt 9 den Phríomh-Acht.

5.—(1) Leasaítear leis seo fo-alt (3) d'alt 9 den Phríomh-Acht trí “£60,000,000” a chur in ionad “£3,000,000” (a cuireadh isteach le halt 2 d'Acht 1971), agus tá an fo-alt sin (3), arna leasú amhlaidh, leagtha amach sa Tábla a ghabhann leis an alt seo.

(2) Cuirtear, leis seo, na fo-ailt seo a leanas in ionad fho-ailt (1) agus (2) d'alt 9 den Phríomh-Acht:

“(1) Más oiriúnach leis an Aire é, féadfaidh sé, le toiliú an Aire Airgeadais, iasacht don Chuideachta a ráthú nó a ráthú go n-íocfaidh an Chuideachta go cuí tráthchodanna nó méideanna eile airgid (lena n-áirítear airgead in airgead reatha seachas airgead reatha an Stáit) a bheidh dlite den Chuideachta agus gan íoc aici faoi chonradh a rinne an Chuideachta nó an t-ús ar aon tráthchodanna nó méideanna den sórt sin a bheidh gan íoc nó na tráthchodanna nó na méideanna sin a bheidh gan íoc agus an t-ús sin.

(2) Aon uair a ráthóidh an tAire iasacht faoin alt seo féadfaidh sé ráthaíocht a thabhairt, i cibé foirm agus slí agus ar cibé téarmaí agus coinníollacha a cheadóidh an tAire Airgeadais, go n-aisíocfaidh an Chuideachta go cuí príomhshuim na hiasachta nó go n-íocfar ús ar an iasacht nó go n-aisíocfar an phríomhshuim sin agus go n-íocfar an t-ús sin nó go n-íocfaidh an Chuideachta go cuí tráthchodanna nó méideanna eile airgid (lena n-áirítear airgead in airgead reatha seachas airgead reatha an Stáit) a bheidh dlite den Chuideachta agus gan íoc aici faoi chonradh a rinne an Chuideachta nó an t-ús ar aon tráthchodanna nó méideanna den sórt sin a bheidh gan íoc nó go n-íocfar tráthchodanna nó méideanna den sórt sin a bheidh gan íoc agus an t-ús sin, agus féadfaidh an ráthaíocht a ráthú freisin go n-íocfaidh an Chuideachta coimisiúin agus caiteachais theagmhasacha a éireoidh i ndáil leis an iasacht nó leis an gconradh.”

(3) Leasaítear leis seo alt 9 den Phríomh-Acht trí na fo-ailt seo a leanas a chur leis:

“(11) Chun méid an airgid a ráthóidh an tAire faoin alt seo a ríomh faoi threoir na teorann le príomhshuim i bhfo-alt (3) den alt seo, déanfar méid is coibhéis in airgead reatha an Stáit d'airgead in airgead reatha seachas airgead reatha an Stáit a ríomh de réir an ráta iomlaoide a bheidh i bhfeidhm tráth na ráthaíochta a thabhairt.

(12) I ndáil le ráthaíochtaí a thabharfaidh an tAire faoin alt seo in airgead in airgead reatha seachas airgead reatha an Stáit—

(i) glacfar, maidir leis an tagairt d'iasacht, le gach ceann de na tagairtí do thráthchodanna agus le gach ceann de na tagairtí do mhéideanna i bhfo-alt (1) den alt seo, gur tagairt í nó gur tagairtí iad don méid is coibhéis in airgead reatha an Stáit don phríomhshuim iarbhír, do na tráthchodanna iarbhír agus do na méideanna iarbhír, faoi seach, agus déanfar an choibhéis sin a ríomh de réir an méid in airgead reatha an Stáit is comhionann le costas na príomhshuime iarbhír, na dtráthchodanna iarbhír nó na méideanna iarbhír, de réir mar is iomchuí,

(ii) glacfar, maidir leis an tagairt d'iasacht, le gach ceann de na tagairtí do phríomhshuim, le gach ceann de na tagairtí do thráthchodanna, le gach ceann de na tagairtí do mhéideanna agus leis an tagairt do choimisiúin agus do chaiteachais theagmhasacha i bhfo-alt (2) den alt seo, gur tagairt í nó gur tagairtí iad don méid is coibhéis in airgead reatha an Stáit don iasacht iarbhír, don phríomhshuim iarbhír, do na tráthchodanna iarbhír, do na méideanna iarbhír agus do na coimisiúin agus na caiteachais theagmhasacha iarbhír, agus déanfar an choibhéis sin a ríomh de réir ráta arb é an ráta iomlaoide é de thuras na huaire don airgead reatha áirithe agus d'airgead reatha an Stáit,

(iii) glacfar, maidir le gach ceann de na tagairtí d'airgead i bhfo-ailt (4) go (9) den alt seo, gur tagairt í don méid in airgead reatha an Stáit arb é costas an airgid iarbhír é.”

Luach saothair an phríomh-oifigigh, etc.

6.—Íocfaidh an Chuideachta lena príomh-oifigeach (cibé acu is príomh-oifigeach nó eile a thabharfar de thuairisc ar an oifigeach sin) cibé luach saothair agus liúntais a chinnfidh an Chuideachta, le ceadú an Aire arna thabhairt le toiliú Aire na Seirbhíse Poiblí.

Aoisliúntas fhoireann na Cuideachta.

7.—Ní ghlacfaidh aon athrú éifeacht a dhéanfar ar na téarmaí a bheidh i ngníomh ar dháta an Achta seo a rith, is téarmaí a dhéanann rialú ar phinsin, aiscí, liúntais nó íocaíochtaí eile a dheonú do chomhalta de bhuanfhoireann na Cuideachta, lena n-áirítear a príomhoifigeach, nó ina leith, ar é d'éirí as oifig, do scor nó d'fháil bháis, ná ní ghlacfaidh aon chomhshocraíocht eile, chun sochair de bhreis ar na téarmaí dá dtagraítear thuas a chur ar fáil, éifeacht mura mbeidh an t-athrú nó an chomhshocraíocht ceadaithe ag an Aire, agus sin le toiliú Aire na Seirbhíse Poiblí.

Gearrtheideal agus comhlua.

8.—(1) Féadfar an tAcht um Ghabháltais Chruach na hÉireann Teoranta (Leasú), 1979, a ghairm den Acht seo.

(2) Féadfar na hAchtanna um Ghabháltais Chruach na hÉireann Teoranta, 1960 go 1979, a ghairm de na hAchtanna um Ghabháltais Chruach na hÉireann Teoranta, 1960 go 1971, agus den Acht seo le chéile.