Number 6 of 1947.

THE INDUSTRIAL AND LIFE ASSURANCE AMALGAMATION COMPANY, LIMITED (ACQUISITION OF SHARES), ACT, 1947.

ARRANGEMENT OF SECTIONS

Number 6 of 1947.

THE INDUSTRIAL AND LIFE ASSURANCE AMALGAMATION COMPANY, LIMITED (ACQUISITION OF SHARES), ACT, 1947.

Definitions.

1.—In this Act—

the expression “British holding Company” means any body being—

(a) the Britannic Assurance Company, Limited, or

(b) the Pearl Assurance Company, Limited, or

(c) the Prudential Assurance Company, Limited, or

(d) the Refuge Assurance Company, Limited, or

(e) the Liverpool Victoria Friendly Society;

the expression “the Minister” means the Minister for Finance.

the expression “the Terminating Company” means The Industrial and Life Assurance Amalgamation Company, Limited.

Power of Minister to purchase certain shares of the Terminating Company.

2.—(1) The Minister may purchase the “A” ordinary shares of two shillings each held by any British holding Company in the Terminating Company at a price not exceeding three shillings per share.

(2) No stamp duty shall be payable in respect of the transfer of shares purchased under this section.

Application of section 6 of the Insurance (Amendment) Act, 1938.

3.—The references, in subsections (2) and (3) of section 6 of the Insurance (Amendment) Act, 1938 (No. 31 of 1938), to shares of the Terminating Company shall be construed as including references to shares of the Terminating Company purchased by the Minister under this Act.

Advances of moneys out of the Central Fund.

4.—(1) All moneys from time to time required by the Minister to pay for any shares of the Terminating Company purchased by him under this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2) For the purpose of providing moneys for the sums advanced out of the Central Fund under this section the Minister may borrow from any person any sum or sums, and for the purpose of such borrowing the Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.

(3) The principal of and interest on any securities issued by the Minister under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

Short title.

5.—This Act may be cited as The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947.

Uimhir 6 de 1947.

AN tACHT UM AN INDUSTRIAL AND LIFE ASSURANCE AMALGAMATION COMPANY, LIMITED (SCAIREANNA A THÓGAINT), 1947.

[An tiontó oifigiúil.]

Mínithe.

1.—San Acht seo—

ciallaíonn an abairt “Cuideachta shealbhach Bhreataineach” aon chomhlucht acu seo a leanas, eadhon—

(a) an Britannic Assurance Company, Limited, nó

(b) an Pearl Assurance Company, Limited, nó

(c) an Prudential Assurance Company, Limited, nó

(d) an Refuge Assurance Company, Limited, nó

(e) an Liverpool Victoria Friendly Society;

ciallaíonn an abairt “an tAire” an tAire Airgeadais;

ciallaíonn an abairt “an Chuideachta Fhorceanntach” an Industrial and Life Assurance Amalgamation Company, Limited.

Cumhacht an Aire chun scaireanna áirithe leis an gCuideachta Fhorceanntach a cheannach.

2.—(1) Féadfaidh an tAire na gnáth-scaireanna “A” dhá scilling an scair atá ag aon Chuideachta shealbhach Bhreataineach sa Chuideachta Fhorceanntach a cheannach ar phraghas nach mó ná trí scillinge an scair.

(2) Ní bheidh aon dleacht stampa iníochta i leith scaireanna a ceannófar faoin alt seo a aistriú.

Feidhm ailt 6 den Acht Arachais (Leasú), 1938.

3.—Déanfar na tagairtí i bhfo-ailt (2) agus (3) d'alt 6 den Acht Arachais (Leasú), 1938 (Uimh. 31 de 1938), do scaireanna leis an gCuideachta Fhorceanntach a léiriú mar thagairtí a fholaíos tagairtí do scaireanna leis an gCuideachta Fhorceanntach arna gceannach ag an Aire faoin Acht seo.

Airgead a airleacan as an bPríomh-Chiste.

4.—(1) Airleacfar as an bPríomh-Chiste nó a thoradh fáis an t-airgead go léir a theastós ó am go ham ón Aire chun íoc as aon scaireanna leis an gCuideachta Fhorceanntach a cheannós sé faoin Acht seo.

(2) Chun airgead a sholáthar i gcóir na suimeanna a hairleacfar as an bPríomh-Chiste faoin alt seo, féadfaidh an tAire aon tsuim nó suimeanna a fháil ar iasacht ó dhuine ar bith, agus chun críche na hiasachta sin féadfaidh an tAire urrúis a chruthnú agus a eisiúint ar pé ráta úis agus faoi réir pé coinníoll i dtaobh aisíoca nó fuascailte nó eile is oiriúnach leis, agus íocfaidh isteach sa Stát-Chiste an t-airgead a gheobhaidh ar iasacht amhlaidh.

(3) Déanfar bunairgead agus ús aon urrús a eiseos an tAire faoin alt seo agus na costais faoina raghfar maidir le heisiúint na n-urrús sin a mhuirearú ar an bPríomh-Chiste nó a thoradh fáis agus beid iníoctha as an gcéanna.

Gearrtheideal.

5.—Féadfar an tAcht um an Industrial and Life Assurance Amalgamation Company, Limited (Scaireanna a Thógaint), 1947, a ghairm den Acht seo.