In short
This law amends previous legislation concerning Irish Steel Holdings Limited, specifically increasing the financial limit on guarantees provided by the Minister. It updates the maximum amount the Minister can guarantee for the company's borrowed money.
What it regulates
- The short title and collective citation of related Acts.
- The amendment of Section 9 of the Irish Steel Holdings Limited Act, 1960.
- The limit on the Minister's guarantee for moneys borrowed by Irish Steel Holdings Limited.
Who it concerns
- Irish Steel Holdings Limited.
- The Minister (who provides financial guarantees).
Key points
- The Act may be cited as the Irish Steel Limited (Amendment) Act, 1983.
- It is to be construed together with the Irish Steel Holdings Limited Acts, 1960 to 1982, as the Irish Steel Limited Acts, 1960 to 1983.
- The limit on the Minister's guarantee for the repayment of moneys borrowed by the Company has been increased from £75,000,000 to £100,000,000.
- The Minister's liability for principal on guarantees, plus any unrepaid principal previously paid, shall not exceed £100,000,000.
📄 Legal text
Irish Steel Limited (Amendment) Act, 1983
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Irish Steel Limited (Amendment) Act, 1983
Irish Steel Limited (Amendment) Act, 1983
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Number 17 of 1983
IRISH STEEL LIMITED (AMENDMENT) ACT, 1983
ARRANGEMENT OF SECTIONS
Section
1.
Short title and collective citation.
2.
Amendment of section 9 of Irish Steel Holdings Limited Act, 1960.
Acts Referred to
Irish Steel Holdings Limited Act, 1960
1960, No. 32
Irish Steel Holdings Limited (Amendment) Act, 1982
1982, No. 13
Number 17 of 1983
IRISH STEEL LIMITED (AMENDMENT) ACT, 1983
AN ACT TO AMEND AND EXTEND THE IRISH STEEL HOLDINGS LIMITED ACTS, 1960 TO 1982. [21st June, 1983]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Short title and collective citation.
1.—(1) This Act may be cited as the Irish Steel Limited (Amendment) Act, 1983.
(2) The Irish Steel Holdings Limited Acts, 1960 to 1982, and this Act may be cited together as the Irish Steel Limited Acts, 1960 to 1983 and shall be construed together as one Act.
Amendment of Section 9 of Irish Steel Holdings Limited Act, 1960.
2.—
Section 9
of the
Irish Steel Holdings Limited Act, 1960
(which imposes a limit of £75,000,000 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 “£100,000,000” for “£75,000,000” (inserted by
section 4
of the
Irish Steel Holdings Limited (Amendment) Act, 1982
), and the said subsection, as so amended, is set out in the Table to this section.
TABLE
(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 £100,000,000.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.