Industrial Credit Act, 1933

What is this act about?

This law establishes the Industrial Credit Act, 1933, to create a company focused on providing industrial credit and allows the Minister for Finance to acquire shares in this company.

Who it applies to: The Minister for Finance; The Industrial Credit Company, Limited.

At a glance

Country: Ireland
Area of law: Commercial and corporate law
Articles: 12
Source: irishstatutebook.ie
Text retrieved: 2026-06-17
Explanation updated: 2026-07-07

What does this act regulate?

The formation and registration of the Industrial Credit Company, Limited.
The issuance and underwriting of the Company's share capital.
The financial relationship between the Minister for Finance and the Company, including loans and payment of dividends.
The reporting obligations of the Company to the Minister for Finance.

Who does this act apply to?

The Minister for Finance.
The Industrial Credit Company, Limited.

What are the key points?

The Minister for Finance must take steps to form and register a limited company called the Industrial Credit Company, Limited, conforming to conditions in the Schedule.
The Minister may lend the Company up to fifteen thousand pounds for formation and preliminary expenses.
No share capital can be issued by the Company without the Minister's authorization, after consulting with the Minister for Industry and Commerce.
The Minister may agree to underwrite the issue of shares, meaning he will take up and pay for shares not subscribed by the public.
The share capital of the Company shall be five million pounds, divided into shares of one pound each or other specified denominations.
The Company must furnish audited balance sheets and profit and loss accounts to the Minister within ninety days after each accounting year.

Commercial and corporate law

Registry of Friendly Societies Act, 1936

Transport Act, 1966

Shannon Free Airport Development Company Limited (Amendment) Act, 1989

Industrial and Commercial Property (Protection) (Neuchatel Agreement) Act, 1947

Irish Shipping Limited (Amendment) Act, 1984

Industrial Development Act 2009

European Communities and Swiss Confederation Act, 2001

Industrial Grants (Amendment) Act, 1964

Commercial and corporate law

Legal text

Contents (12)

Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
Section 11
Section 12

Industrial Credit Act, 1933 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1933 Industrial Credit Act, 1933 Industrial Credit Act, 1933 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 25 of 1933.

INDUSTRIAL CREDIT ACT, 1933.

ARRANGEMENT OF SECTIONS Section

Section 1

Definition.

Section 2

Formation and registration of the Industrial Credit Company, Limited.

Section 3

Loan to Company to pay expenses of formation.

Section 4

Issue of share capital of the Company.

Section 5

Underwriting by the Minister of issue of shares.

Section 6

Charge of moneys on the Central Fund.

Section 7

Payment of dividends etc. into the Exchequer.

Section 8

Powers of the Minister as shareholder.

Section 9

Powers of Minister in respect of shares held by him.

Section 10

Alteration of Memorandum and Articles of Association of the Company.

Section 11

Obligation to furnish balance sheets, etc., to the Minister.

Section 12

Short title.

SCHEDULE.

Number 25 of 1933.

INDUSTRIAL CREDIT ACT, 1933.

AN ACT TO MAKE PROVISION FOR THE FORMATION AND REGISTRATION OF A COMPANY HAVING FOR ITS PRINCIPAL OBJECT THE PROVIDING OF INDUSTRIAL CREDIT, AND FOR THE ACQUISITION BY THE MINISTER FOR FINANCE OF SHARE CAPITAL OF SUCH COMPANY, AND FOR OTHER PURPOSES CONNECTED WITH THE MATTERS AFORESAID. [31st July, 1933.] BE IT ENACTED BY THE OIREACHTAS OF SAORSTAT EIREANN AS FOLLOWS:— Definition.

1.—In this Act the expression “the Minister” means the Minister for Finance.

Formation and registration of the Industrial Credit Company, Limited.

2.—Immediately upon the passing of this Act the Minister shall take all such steps as appear to him to be necessary or desirable to procure that a limited company (in this Act referred to as the Company) conforming to the conditions laid down in the Schedule to this Act shall be formed and registered in Saorstát Eireann under the Companies Acts, 1908 to 1924.

Loan to Company to pay expenses of formation.

3.—(1) The Minister may out of moneys provided by the Oireachtas lend to the Company upon such terms and conditions as to time and manner of repayment, rate of interest, security and other matters whatsoever as he shall think proper, a sum not exceeding fifteen thousand pounds.

(2)Any moneys lent to the Company under this section shall be applied by the Company in or towards paying the expenses of the promotion, formation and registration of the Company and the other preliminary expenses of the Company, and for no other purposes.

(3)All sums paid to the Minister by the Company in or towards repayment of any moneys lent to the Company under this section or in payment of the interest on such moneys shall be paid into the Exchequer.

Issue of share capital of the Company.

4.—No issue of the share capital of the Company (other than share capital issued to subscribers of the Memorandum of Association of the Company) shall be made at any time, unless the Minister, after consultation with the Minister for Industry and Commerce, has authorised such issue.

Underwriting by the Minister of issue of shares.

5.—The Minister may, subject to such conditions as he may think fit, agree with the Company that, if any shares in the Company about to be offered at any time for subscription are not within a specific time taken up by the public, he will take up and pay for such shares or some specified proportion thereof.

Charge of moneys on the Central Fund.

6.—(1) All moneys from time to time required to meet payments required to be made by the Minister to the Company in respect of any shares taken up by him under this Act shall be charged on and paid out of the Central Fund or the growing produce thereof.

(2)For the purpose of providing money for the sums charged on the Central Fund by this section the Minister may borrow from any person and the Bank of Ireland may advance to the said Minister any sum or sums to meet the sums charged on the Central Fund or the growing produce thereof by this section, and for the purpose of such borrowing the Minister may create and issue securities bearing such rate of interest, and subject to such conditions as to repayment, redemption or otherwise as he shall think fit.

(3)The principal and interest of any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(4)Any money raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.

Payment of dividends etc. into the Exchequer.

7.—All dividends, bonus and other moneys received by the Minister in respect of shares of the Company held by him shall be paid into the Exchequer.

Powers of the Minister as shareholder.

8.—The Minister may, so long as he holds any of the shares of the Company, exercise all or any of the rights and powers from time to time exercisable by the holder of such shares, and where such rights or powers are exercisable by attorney the Minister may, if he so thinks proper, exercise such rights or powers by his attorney.

Powers of Minister in respect of shares held by him.

9.—(1) The Minister may hold for so long as he thinks fit the shares of the Company subscribed for by him under this Act and may as and when he thinks fit sell all or any of such shares.

(2)The net proceeds of every sale by the Minister of shares of the Company held by him shall be paid into the Exchequer.

Alteration of Memorandum and Articles of Association of the Company.

10.—Notwithstanding anything contained in the Companies Acts, 1908 to 1924, no alteration in the Memorandum of Association or Articles of Association of the Company which is, while the Minister holds any shares of the Company, made without the previous approval of the Minister after consultation by him with the Minister for Industry and Commerce, shall be valid and effective.

Obligation to furnish balance sheets, etc., to the Minister.

11.—(1) The Company shall within ninety days after the end of every accounting year furnish to the Minister a balance sheet for such accounting year duly audited by the auditor of the Company and also a profit and loss account for the same accounting year similarly audited.

(2)The balance sheet and profit and loss account to be furnished as aforesaid shall be drawn up in such manner as shall be prescribed by regulations made under this section, and such balance sheet shall contain (in addition to any matter required by such regulations) 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.

(3)The Company shall on demand furnish to the Minister such explanations as the Minister shall think proper to require in respect of any balance sheet or profit and loss account furnished pursuant to this section.

(4)A copy of every balance sheet and profit and loss account furnished to the Minister pursuant to this section shall be laid by him before each House of the Oireachtas within one month after such balance sheet and profit and loss account are so furnished to him.

(5)If the Company makes default in complying with any of the provisions of this section, the Company and every director, manager, and other officer of the Company, who knowingly and wilfully authorised or permitted such default, shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding five pounds for every day during which the default continues.

(6)The Minister may by order make regulations prescribing any matter referred to in this section as prescribed by regulations made under this section.

Short title.

12.—This Act may be cited as the Industrial Credit Act, 1933.

SCHEDULE.

Conditions to which the Company is to Conform.

1.The Memorandum and Articles of Association of the Company shall be subject to the approval of the Minister after consultation by him with the Minister for Industry and Commerce.

2.The Memorandum of Association of the Company shall provide— (a) that the name of the Company shall be the Industrial Credit Company, Limited; (b) that the registered office of the Company shall be situate in Dublin; (c) that the principal objects of the Company shall include the acquisition, underwriting, holding, selling and otherwise dealing of or with shares, stocks, debentures, and other securities issued by any company, registered in Saorstát Eireann under the Companies Acts, 1908 to 1924, whose principal object is the carrying on in Saorstát Eireann of any trade or industry, and shall also include the lending or advancing money upon such security as the directors of the Company may think proper to any person engaged in or proposing to engage in Saorstát Eireann in any trade or industry for the purposes of establishing, carrying on, or extending such trade or industry; (d) that the liability of the members of the Company shall be limited; (e) that the amount of the share capital of the Company shall be five million pounds which shall be divided into shares of one pound each or such other denomination or such denominations as shall be specified in the said Memorandum.

3.The Articles of Association of the Company shall specify the number of directors (including the chairman) of the Company and the number so specified shall be seven or five.

4.The Articles of Association of the Company shall provide— (a) that, so long as the Minister holds not less than one half (in nominal value) of the issued shares of the Company— (i) in case the number of the directors of the Company is seven, four of the said directors shall be nominated by the Minister from time to time as occasion requires, (ii) in case the number of directors of the Company is five, three of the said directors shall be nominated by the Minister from time to time as occasion requires, (iii) the Chairman of the directors shall be nominated from time to time by the Minister from amongst the directors nominated by him; (b) that there shall be a managing director of the Company, and, subject to the next following sub-paragraph, the directors of the Company shall from time to time appoint one of their body to be managing director of the Company; (c) that the first managing director of the Company shall be such one of the directors of the Company as the Minister may appoint and shall hold the office of managing director for such period, not exceeding five years, on such terms, and subject to such conditions as the Minister may direct; (d) that the Company shall have power for the purposes of the Company to raise money 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, and (ii) the said power shall not, without the consent of the Minister, be exercisable at any time while the Minister holds more than one-fifth (in nominal value) of the issued shares of the Company; (e) that, so long as the Minister holds any shares of the Company, no person shall be capable of being appointed auditor of the Company unless the approval of the Minister to the nomination of such person to the office of auditor has been given.

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