No. 6/1973:

SUGAR MANUFACTURE (AMENDMENT) ACT, 1973

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Amendment of section 8 of Principal Act.

3 Amendment of section 15 of Principal Act.

4 Amendment of Schedule to Principal Act.

5 Amendment of section 2 of Act of 1962.

6 Amendment of section 3 of Act of 1962.

7 Amendment of section 5 of Act of 1962.

8 Amendment of section 7 of Act of 1962.

9 Amendment of section 10 of Act of 1962.

10 Repeal of section 10 (2) of Act of 1962.

11 Membership of either House of the Oireachtas by directors, officers and servants of Company.

12 Alteration of memorandum and articles of association of Company.

13 Short title, collective citation and construction.

AN ACT TO AMEND AND EXTEND THE SUGAR MANUFACTURE ACTS, 1933 AND 1962.

[27th June, 1973]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Act of 1962" means the Sugar Manufacture (Amendment) Act, 1962;

"the Principal Act" means the Sugar Manufacture Act, 1933 .

2.—Section 8 of the Principal Act is hereby amended—

( a ) by the substitution of the following for subsection (1):

"(1) Whenever the Company proposes to issue any debentures the Minister may, if he thinks fit, guarantee in such form and manner and in such moneys (including moneys in a currency other than the currency of the State) as he may think proper the due payment by the Company in accordance with the terms of such debentures of the principal moneys and interest thereon secured by such debentures, and any such guarantee may include guarantee of payment of incidental expenses arising in connection with a debenture.",

and

( b ) by the insertion of the following after subsection (2):

"(3) The reference to principal and the reference to interest in subsection (1) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal and the actual interest, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal or the actual interest, as may be appropriate.".

3.—Section 15 of the Principal Act is hereby amended—

( a ) by the substitution in subsection (1) of "six months" for "ninety days",

and

( b ) by the substitution of the following for subsection (2):

"(2) The balance sheet and profit and loss account to be furnished as aforesaid shall be drawn up in such manner as the Minister shall direct, and such balance sheet shall contain a summary of the capital, assets and liabilities of the Company, together with such particulars as will disclose the nature of such assets and liabilities and the manner in which the value of the assets was arrived at.".

4.—The Schedule to the Principal Act is hereby amended by the substitution of the following for paragraph 3:

"3. The Articles of Association of the Company shall provide—

( a ) that the directors of the Company shall be of such number not exceeding ten as the Minister may from time to time determine;

( b ) that a majority of the directors (being the smallest majority in any particular case) shall be nominated by the Minister;

( c ) that the Company shall have power for the purposes of the Company to raise money (including money in a currency other than the currency of the State) by means of debentures, subject however as follows:—

(i) the amount so raised shall not exceed at any time the paid up share capital of the Company,

(ii) the said power shall not be exercised without the consent of the Minister, and

(iii) in relation to money raised by means of debentures in a currency other than the currency of the State, the rate of exchange shall be the rate of exchange for the time being for that currency and the currency of the State;

( d ) that a person shall not be capable of being appointed auditor of the Company unless the approval of the Minister to the nomination of that person to the office of auditor of the Company has been given.".

5.—Section 2 of the Act of 1962 is hereby amended by the substitution of "ten million pounds divided into ten million shares" for "five million pounds divided into five million shares".

6.—Section 3 of the Act of 1962 is hereby amended by the substitution of "eight million five hundred thousand pounds" for "three million five hundred thousand pounds".

7.—Section 5 of the Act of 1962 is hereby amended—

( a ) by the insertion after "a loan" in subsection (1) (a) of "(including a loan in a currency other than the currency of the State)",

( b ) by the insertion after "such interest" in subsection (2) of "and any such guarantee may include guarantee of payment of incidental expenses arising in connection with the loan",

and

( c ) by the insertion after subsection (7) of the following:

"(8) In relation to guarantees given by the Minister for Finance in money in a currency other than the currency of the State—

(i) each of the references to principal and each of the references to interest in subsection (2) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal and the actual interest, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal or the actual interest, as may be appropriate,

(ii) each of the references to principal in subsection (4) of this section and in paragraph (b) of section 7 of this Act 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 for the time being for that currency and the currency of the State,

(iii) each of the references to moneys in subsection (3) and in subsections (5) to (7) of this section and in subsection (1) of section 6 of this Act shall be taken as referring to the cost in currency of the State of the actual moneys.".

8.—Section 7 of the Act of 1962 is hereby amended by the substitution of "ten million pounds" for "five million pounds".

9.—Section 10 of the Act of 1962 is hereby amended by the insertion before "an approved subsidiary company" in subsection (3) of "the Company or".

10.—Section 10 (2) of the Act of 1962 is hereby repealed.

11.—(1) Where a director of the Company is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a director of the Company.

(2) Where a person who is either an officer or a servant in the employment of the Company becomes a member of either House of the Oireachtas—

( a ) he shall, during the period commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from such employment or upon the termination of such employment by the Company, stand seconded from such employment,

( b ) he shall not be paid by, or entitled to receive from, the Company any salary or wages, as the case may be, in respect of that period.

(3) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall, while so entitled, be disqualified from becoming a director of the Company.

12.—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 the Sugar Manufacture Acts, 1933 to 1973.

13.—(1) This Act may be cited as the Sugar Manufacture (Amendment) Act. 1973.

(2) The Sugar Manufacture Acts, 1933 and 1962, and this Act may be cited together as the Sugar Manufacture Act, 1933 to 1973, and shall be construed together as one Act.