Number 4 of 1970

NITRIGIN EIREANN TEORANTA ACT, 1970

ARRANGEMENT OF SECTIONS

SCHEDULE

Miscellaneous Amendments of the Principal Act

Number 4 of 1970

NITRIGIN EIREANN TEORANTA ACT, 1970

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.

Increase in share capital of Company.

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.

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.

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.

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.”.

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”.

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.

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.

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.

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).

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.

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

Section 10.

Uimhir 4 de 1970

AN tACHT UM NÍTRIGIN ÉIREANN TEORANTA, 1970

[An tiontú oifigiúil.]

Mínithe.

1963, Uimh. 2.

1.—San Acht seo—

ciallaíonn “an Príomh-Acht” an tAcht um Nítrigin Éireann Teoranta, 1963;

tá le “an Chuideachta” agus “an tAire” na bríonna céanna atá leo sa Phríomh-Acht.

Méadú ar scairchaipiteal na Cuideachta.

2.—D'ainneoin aon ní sa Phríomh-Acht nó i meabhrán na Cuideachta nó in airteagail chomhlachais na Cuideachta, £7,500,000 arna roinnt i 7,500,000 scair, £1 an scair, méid scairchaipitil na Cuideachta.

Scaireanna áirithe a eisiúint chun an Aire Airgeadais.

3.—(1) A luaithe is féidir tar éis dáta an Achta seo a rith déanfaidh an Chuideachta 4,712,000 scair lán-íoctha san Chuideachta a eisiúint chun an Aire Airgeadais gan aon íocaíocht eile uaidh.

(2) Maidir leis an 4,712,000 scair sin—

(a) is é a bheidh i 3,500,000 díobh scaireanna i leith £3,500,000 a d'airleac an tAire sin chun na Cuideachta faoi alt 5 den Phríomh-Acht, ar cuid í den tsuim chomhiomlán £6,000,000 a airleacadh amhlaidh, agus dá réir sin, ar na scaireanna sin dá bhforáiltear le fo-alt (1) den alt seo a eisiúint, is £2,500,000 an méid a bheidh sna hairleacain a bheidh tugtha faoi alt 5 den Phríomh-Acht agus is inaisíoctha faoin Acht sin leis an Aire Airgeadais, agus

(b) is é a bheidh i 1,212,000 díobh scaireanna in ionad agus i gcomaoin an úis a d'fhaibhrigh ar an £6,000,000 a dúradh go dtí an 30ú lá de Mheitheamh, 1967.

(3) Measfar chun críocha alt 5 (2) den Phríomh-Acht, gurb éard í an eisiúint sin 1,212,000 scair dá dtagraítear i bhfo-alt den alt seo íoc an úis ar an £6,000,000 sin, arna chinneadh faoin alt sin 5 (2), anuas go dtí an 30ú lá de Mheitheamh, 1967.

(4) D'ainneoin aon ní sa Phríomh-Acht nó aon chinneadh ón Aire Airgeadais faoi alt 5 (2) den Acht sin, beidh ús iníoctha ón 1ú lá d'Iúil, 1967 (de réir aon chinneadh faoin alt sin tar éis dáta an Achta seo a rith) ar an tsuim £2,500,000 a luaitear i bhfo-alt (2) (a) den alt seo a bheith inaisíoctha leis an Aire sin faoi alt 5 den Phríomh-Acht, agus ní bheidh ar aon tsuim eile airleacan faoin alt sin.

Cumhacht ag an Aire Airgeadais chun scaireanna sa Chuideachta a shealbhú nó a dhíol.

4.—Féadfaidh an tAire Airgeadais scaireanna sa Chuideachta a bheidh faighte aige faoin bPríomh-Acht nó faoin Acht seo a shealbhú an fad is oiriúnach leis agus féadfaidh sé, mar is oiriúnach agus nuair is oiriúnach leis, na scaireanna sin uile nó aon chuid díobh a dhíol.

An tAire Airgeadais do thabhairt airleacan don Chuideachta.

5.—(1) Leasaítear leis seo alt 5 den Phríomh-Acht tríd an méid seo a leanas a chur in ionad fho-alt (1):

“(1) Féadfaidh an tAire Airgeadais, ar mholadh an Aire, airleacain inaisíoctha a thabhairt don Cuideachta ach, ar airleacain a tugadh don Chuideachta roimh dháta an Achta seo a rith as airgead a sholáthraigh an tOireachtas a chur san áireamh, ní rachaidh na hairleacain sin thar £2,500,000 san iomlán.”.

(2) Tiocfaidh fo-alt (1) den alt seo i ngníomh an lá i ndiaidh an dáta a eiseoidh an Chuideachta scaireanna láníoctha sa Chuideachta chun an Aire Airgeadais de réir alt 3 (1) den Acht seo.

(3) Déantar leis seo alt 5 den Phríomh-Acht a leasú tuilleadh tríd an méid seo a leanas a chur isteach i ndiaidh fho-alt (2):

“(2A) Aon téarmaí maidir le haisíoc, ús nó nithe eile a chinnfidh an tAire Airgeadais faoi fho-alt (2) den alt seo féadfaidh sé iad a mhodhnú ionann agus gurbh é an 1ú lá d'Iúil, 1967, a tugadh na hairleacain a bheidh fós inaisíoctha de réir alt 3 (2) den Acht um Nítrigin Éireann Teoranta, 1970.”

An tAire do ráthú airgid a gheobhaidh an Chuideachta ar iasacht.

6.—Ní dhéanfaidh an tAire na cumhachtaí a thugtar le halt 7 (1) don Phríomh-Acht a fheidhmiú i slí go mbeidh méid, nó méid comhiomlán, na príomhshuime a dhlífidh sé aon tráth áirithe a íoc ar scór aon ráthaíochta nó ráthaíochtaí faoin alt sin a bheidh i bhfeidhm de thuras na huaire (mar aon le méid aon phríomhshuime a bheidh íoctha cheana féin ag an Aire ar scór aon ráthaíochta nó ráthaíochtaí den sórt sin agus nach mbeidh aisíoctha ag an gCuideachta) níos mó ná £2,000,000 agus, dá réir sin, déantar leis seo alt 7 (2) den Phríomh-Acht a leasú trí “£2,000,000” a chur in ionad “£1,000,000”.

Leasú ar alt 7 den Phríomh-Acht.

7.—(1) Leasaítear leis seo alt 7 den Phríomh-Acht trí “nó go ndéanfaidh an Chuideachta tráthchodanna airgid a bheidh gan íoc faoi chonradh a rinne an Chuideachta nó an t-ús a bheidh gan íoc ar aon airgead den sórt sin a íoc go cuí nó go n-íocfar na tráthchodanna sin agus an t-ús sin” a chur isteach i bhfo-alt (1) i ndiaidh “íoc”.

(2) In alt 7 (4) (c) den Phríomh-Acht agus in alt 6 den Acht seo forléireofar “príomhshuim” mar fhocal a fholaíonn airgead atá gan íoc faoi chonradh a rinne an Chuideachta, agus in ailt 9 (b) agus 9 (c) den Phríomh-Acht forléireofar “airgead” mar fhocal a fholaíonn airgead atá gan íoc faoi chonradh a rinne an Chuideachta.

Diolúine ó dhleachtanna stampa.

1891, c. 39.

8.—Ní oibreoidh alt 112 den Stamp Act, 1891, ar shlí go gceanglóid sé ar an gCuideachta aon ráiteas a sheachadadh do Chláraitheoir na gCuideachtaí nó aon dleacht stampa a íoc faoin alt sin i leith aon mhéadú ar chaipiteal na Cuideachta a dhéanfar tar éis dáta an Achta seo a rith.

Athrú ar mheabhrán agus ar airteagail chomhlachais.

1963, Uimh. 33.

9.—Déanfaidh an Chuideachta cibé bearta is gá faoi Acht na gCuideachtaí, 1963, chun meabhrán agus airteagail chomhlachais na Cuideachta a athrú lena gcur ar comhréir leis an Acht seo.

Leasuithe ilghnéitheacha ar an bPríomh-Acht.

10.—Déantar leis seo gach foráil den Phríomh-Acht dá luaitear i gcolún (1) den Sceideal a ghabhann leis an Acht seo a leasú sa tslí a luaitear i gcolún (2) den Sceideal sin os coinne lua na forála sin i gcolún (1).

Caiteachas an Aire.

11.—Déanfar an caiteachas a thabhóidh an tAire ag riaradh an Achta seo a íoc, a mhéid a cheadóidh an tAire Airgeadais, as airgead a sholáthróidh an tOireachtas.

Gearrtheideal agus comhlua.

12.—(1) Féadfar an tAcht um Nítrigin Éireann Teoranta, 1970, a ghairm den Acht seo.

(2) Féadfar na hAchtanna um Nítrigin Éireann Teoranta, 1963 agus 1970, a ghairm den Phríomh-Acht agus den Acht seo le chéile.

AN SCEIDEAL

Leasuithe Ilghneitheacha ar an bPriomh-Acht

Alt 10.