In short
This law increases the financial limit on guarantees the Minister for Finance can provide for borrowing by Aerlinte Eireann, Teoranta. It amends a previous act to allow for a higher total amount of financial support.
What it regulates
- Guarantees by the Minister for Finance for borrowing by Aerlinte Eireann, Teoranta.
- Advances made to Aerlinte Eireann, Teoranta by the Minister for Finance.
- The total financial exposure of the Minister for Finance regarding Aerlinte.
Who it concerns
- Aerlinte Eireann, Teoranta (referred to as Aerlinte).
- The Minister for Finance.
Key points
- The Minister for Finance's total liability for guarantees and advances to Aerlinte cannot exceed eighteen million pounds.
- This limit includes principal amounts the Minister may be liable to pay, previous payments not yet repaid, and advances made.
- This Act amends section 5 (3) of the Air Companies Act, 1966, changing the limit from "six" to "eighteen" million pounds.
đ Legal text
Air Companies (Amendment) Act, 1967
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1967
Air Companies (Amendment) Act, 1967
Air Companies (Amendment) Act, 1967
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Number 11 of 1967
AIR COMPANIES (AMENDMENT) ACT, 1967
ARRANGEMENT OF SECTIONS
Section
1.
Definitions .
2.
Increase of limit on guarantees by Minister for Finance of borrowing by Aerlinte.
3.
Short title and collective citation.
Acts Referred to
Air Companies Act, 1966
1966, No. 4
Number 11 of 1967
AIR COMPANIES (AMENDMENT) ACT, 1967
AN ACT TO INCREASE THE LIMIT ON THE GUARANTEES OF BORROWING BY AERLINTE EIREANN, TEORANTA, WHICH MAY BE GIVEN BY THE MINISTER FOR FINANCE. [16th May, 1967.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Definitions.
1.âIn this Actâ
âthe Act of 1966â means the
Air Companies Act, 1966
;
âAerlinteâ means Aerlinte Eireann, Teoranta.
Increase of limit on guarantees by Minister for Finance of borrowing by Aerlinte.
2.âThe Minister for Finance shall not so exercise the powers conferred by section 5 (1) (which provides for the guarantee by the Minister for Finance of borrowings by Aer Lingus, Teoranta, and Aerlinte) of the Act of 1966 and section 4 (2) (which provides for the making of advances to Aerlinte by the Minister for Finance) of the Act of 1966 that advances to Aerlinte under the latter subsection together with the amount, or the aggregate amount, of principal which he may at any one time be liable to pay in respect of any guarantees under the said section 5 (1) for the time being in force in relation to moneys borrowed by Aerlinte together with the amount of principal (if any) which the Minister for Finance has previously paid in respect of any such guarantees and has not been repaid by that company exceeds eighteen million pounds and accordingly section 5 (3) of the Act of 1966 is hereby amended by the substitution of âeighteenâ for âsixâ.
Short title and collective citation.
3.â(1) This Act may be cited as the Air Companies (Amendment) Act, 1967.
(2) The Act of 1966 and this Act may be cited together as the Air Companies Acts, 1966 and 1967.
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