No. 22/1985:

IRISH STEEL LIMITED (AMENDMENT) ACT, 1985

ARRANGEMENT OF SECTIONS

Section

1. Interpretation and construction.

2. Amendment of section 2 of Principal Act.

3. Amendment of section 3 of Principal Act.

4. Amendment of section 9 of Principal Act.

5. Advances to the Company.

6. Short title and collective citation.

ACTS REFERRED TO

Number 22 of 1985

No. 22/1985: IRISH STEEL LIMITED (AMENDMENT) ACT, 1985

AN ACT TO AMEND AND EXTEND THE IRISH STEEL LIMITED ACTS, 1960 TO 1984.

[26th December, 1985]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—(1) In this Act—

"the Act of 1984" means the Irish Steel Limited (Amendment) Act, 1984 ;

"the Principal Act" means the Irish Steel Holdings Limited Act, 1960 .

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

2.—Section 2 of the Principal Act (which provides that the share capital of the Company shall be £120,000,000) is hereby amended by the substitution of "£125,000,000" for "£120,000,000" (inserted by the Act of 1984), 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 £125,000,000 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.

3.—Section 3 (1) of the Principal Act (which imposes a limit of £120,000,000 on the acquisition of shares of the Company by the Minister for Finance) is hereby amended by the substitution of "£125,000,000" for "£120,000,000" (inserted by the Act of 1984), and section 3 (1) of the Principal Act, as so amended, is set out in the Table to this section.

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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 £125,000,00 including any sum expended before the passing o this Act on such purchases from moneys provided by the Oireachtas.

4.—Section 9 of the Principal Act (which imposes a limit of £100,000,000 on the guarantee by the Minister of the repayment of moneys borrowed by the Company) is hereby amended by the substitution in subsection (3) of "£32,000,000" for "£100,000,000" (inserted by section 2 of the Irish Steel Limited (Amendment) Act, 1983 ), and that subsection, as so amended, is set out in the Table to this section.

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(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 £32,000,000.

5.—(1) The Minister for Finance, after consultation with the Minister, may from time to time advance moneys to the Company from the Central Fund on such terms and conditions as the Minister for Finance, with the agreement of the Minister, thinks fit.

(2) The aggregate amount of moneys advanced to the Company under this section shall not exceed £18,000,000.

6.—(1) This Act may be cited as the Irish Steel Limited (Amendment) Act, 1985 .

(2) The Irish Steel Limited Acts, 1960 to 1984, and this Act may be cited together as the Irish Steel Limited Acts, 1960 to 1985.