No. 8/1982:

IRISH SHIPPING LIMITED ACT, 1982

ARRANGEMENT OF SECTIONS

Section

1. Definitions.

2. Guarantees in respect of certain guarantees given, or moneys payable, by the Company.

3. Advance out of Central Fund in respect of sums require be paid under guarantee.

4. Repayment of moneys paid under guarantee.

5. Annual statement as to guarantees.

6. Short title and collective citation.

ACTS REFERRED TO

Number 8 of 1982

IRISH SHIPPING LIMITED ACT, 1982

AN ACT TO PROVIDE FOR GUARANTEES BY THE MINISTER FOR FINANCE IN RESPECT OF MONEYS PAYABLE BY IRISH SHIPPING LIMITED IN RESPECT OF GUARANTEES GIVEN, OR UNDER CONTRACTS ENTERED INTO, BY IRISH SHIPPING LIMITED WITH THE APPROVAL OF THE MINISTER FOR TRANSPORT GIVEN WITH THE CONSENT OF THE MINISTER FOR FINANCE.

[25th May, 1982]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Company" means Irish Shipping Limited;

"guarantee" means, except in section 2 of this Act, a guarantee given under that section;

"the Minister" means the Minister for Finance.

2.—(1) The Minister may guarantee, in such form and manner and on such terms and conditions as he thinks fit, the due payment by the Company of any moneys (including moneys in a currency other than the currency of the State) payable by the Company in respect of any guarantee given by the Company, or under any contract entered into by the Company for the provision of goods or services or both goods and services, being in either case a guarantee given or a contract entered into with the approval of the Minister for Transport and with the consent of the Minister.

(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section that the amount, or the aggregate amount, of moneys which he may at any one time be liable to pay pursuant to a guarantee or guarantees given by him under this section and for the time being in force, together with the amount of moneys (if any) which he has previously paid pursuant to any such guarantees and has not been repaid by the Company, exceeds an amount equivalent to £50,000,000.

(3) For the purpose of calculating the amount of moneys guaranteed by the Minister under this section by reference to the limit on moneys in subsection (2) of this section, the equivalent in the currency of the State of moneys in a foreign currency shall be calculated at the exchange rate prevailing at the time of the giving of the guarantee.

(4) In relation to guarantees given by the Minister under this section in respect of moneys in a currency other than the currency of the State, the references to moneys in subsection (1) of this section and in sections 3 and 5 of this Act shall be taken as referring to the equivalent in the currency of the State of the actual moneys, such equivalent being calculated according to the cost in the currency of the State of the actual moneys.

3.—Moneys required to be paid by the Minister in respect of sums due under a guarantee shall be advanced out of the Central Fund or the growing produce thereof.

4.—(1) Any advances out of the Central Fund or the growing produce thereof for the purposes of section 3 of this Act shall be repaid to the Minister (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) by the Company within two years from the date of the advance.

(2) Where the whole or any part of moneys advanced under section 3 of this Act has not been repaid to the Minister in accordance with subsection (1) of this section, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(3) Notwithstanding the provision of moneys under subsection (2) of this section to repay an amount to the Central Fund, the Company shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) shall be repaid to the Minister by the Company at such times and in such instalments as the Minister appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.

(4) Moneys repaid by the Company to the Minister, or recovered from the Company by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer.

5.—The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out as respects each guarantee given during such year or given at any time before and in force at, the commencement of such year—

( a ) particulars of the guarantee,

( b ) in case any payment has been made by the Minister under the guarantee before the end of such year, the amount of the payment and the amount (if any) repaid to the Minister in respect of the payment,

( c ) the amount of moneys for which the Minister would, if the guarantee were enforced immediately upon the expiration of such year, be liable under the guarantee.

6.—(1) This Act may be cited as the Irish Shipping Limited Act 1982 .

(2) The Irish Shipping Limited Acts, 1947 to 1980, and this Act may be cited as the Irish Shipping Limited Acts, 1947 to 1982.