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Industrial Credit (Amendment) Act, 1983

In short

This law amends and extends previous Industrial Credit Acts, primarily by increasing financial limits related to industrial credit and making changes to the company's governance. It updates the maximum amounts the company can borrow and the Minister can guarantee, and adjusts the number of directors.

What it regulates

  • The maximum amount of money the Industrial Credit Company can raise or borrow.
  • The maximum amount the Minister can guarantee for the Company's borrowings.
  • The repayment of advances made to the Company by the Minister for Finance.
  • The number of directors on the Company's board.

Who it concerns

  • The Industrial Credit Company.
  • The Minister for Finance.

Key points

  • The maximum amount the Company can raise or borrow and have outstanding at any time has been increased from £400,000,000 to £800,000,000.
  • The maximum amount the Minister can be liable to pay on guarantees for the Company has been increased from £400,000,000 to £800,000,000.
  • The Minister for Finance can now waive the repayment of whole or part of advances made to the Company.
  • The number of directors of the Company has been increased from seven to nine, with five of these directors to be nominated by the Minister.
Legal text
Legal text

Industrial Credit (Amendment) Act, 1983 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.

  1. 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.
  2. ie)Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(
  3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1983 Industrial Credit (Amendment) Act, 1983 Industrial Credit (Amendment) Act, 1983 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 7 of 1983 INDUSTRIAL CREDIT (AMENDMENT) ACT, 1983 ARRANGEMENT OF SECTIONS Section 1. Interpretation. 2. Amendment of Schedule to Principal Act. 3. Guarantees by Minister. 4. Waiver of repayment by Company of advances. 5. Increase in number of directors of Company. 6. Power to alter Memorandum and Articles of Association of Company. 7. Short title, collective citation and construction. Acts Referred to Companies Acts, 1963 to 1982 Industrial Credit Act, 1933 1933, No. 25 Industrial Credit Acts, 1933 to 1979 Industrial Credit Acts, 1933 to 1983 Industrial Credit (Amendment) Act, 1958 1958, No. 10 Industrial Credit (Amendment) Act, 1959 1959, No. 24 Industrial Credit (Amendment) Act, 1971 1971, No. 9 Industrial Credit (Amendment) Act, 1979 1979, No. 39 Number 7 of 1983 INDUSTRIAL CREDIT (AMENDMENT) ACT, 1983 AN ACT TO AMEND AND EXTEND THE INDUSTRIAL CREDIT ACTS, 1933 TO 1979. [31st March, 1983] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Interpretation. 1.—In this Act, “the Principal Act” means the Industrial Credit Act, 1933 . Amendment of Schedule to Principal Act. 2.—Paragraph 4 of the Schedule to the Principal Act is hereby amended by the substitution in clause (
  4. i)of subparagraph (
  5. d)(inserted by the Industrial Credit (Amendment) Act, 1971 ) of “£800,000,000” for “£400,000,000” (inserted by the Industrial Credit (Amendment) Act, 1979 ), and the said clause, as so amended, is set out in the Table to this section. TABLE (
  6. i)the amount so raised or borrowed and standing unpaid at any particular time shall not exceed £800,000,000 less the amount (if any) which the Minister has, under a guarantee or guarantees given by him, paid in respect of the principal of moneys raised or borrowed by the Company and which stands at that time not repaid to the Minister by the Company, Guarantees by Minister. 3.— Section 3

(3)of the Industrial Credit (Amendment) Act, 1958 , is hereby amended by the substitution of “£800,000,000” for “£400,000,000” (inserted by section 2 of the Industrial Credit (Amendment) Act, 1979 ), 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 subsection
(1)of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection 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 £800,000,000. Waiver of repayment by Company of advances. 4.—
(1)Where any sum is, or, before the passing of this Act, has been, advanced under section 4 of the Industrial Credit (Amendment) Act, 1959 , the following provisions shall, notwithstanding anything contained in that Act, have effect: (
  1. a)the Minister for Finance may waive the repayment by the Company of the whole or part of— (
  2. i)such sum, or (
  3. ii)the balance thereof remaining unrepaid; (
  4. b)thereupon, the amount repayment of which has been waived shall cease to be repayable by the Company.
(2)Any amount repayment of which by the Company has been waived pursuant to subsection
(1)of this section shall be repaid to the Minister for Finance out of moneys provided by the Oireachtas.
(3)Where any repayment has been made pursuant to subsection
(2)of this section to the Minister for Finance, it shall be paid into the Exchequer. Increase in number of directors of Company. 5.—
(1)The Schedule to the Principal Act, is hereby amended by the substitution in paragraph 3 of that Schedule of “nine” for “seven”, and the said paragraph, as so amended, is set out in the Table to this subsection. TABLE 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 nine or five.
(2)The Schedule to the Principal Act is hereby further amended by the substitution in clause (
  1. i)of paragraph 4 (
  2. a)of “nine” for “seven” and of “five” for “four”, and the said clause, as so amended, is set out in the Table to this subsection. TABLE (
  3. i)in case the number of the directors is nine, five of the said directors shall be nominated by the Minister from time to time as occasion requires, Power to alter Memorandum and Articles of Association of Company. 6.—The Company shall take such steps as may be necessary under the Companies Acts, 1963 to 1982, to alter the Memorandum and Articles of Association of the Company to make them consistent with the Industrial Credit Acts, 1933 to 1983. Short title, collective citation and construction. 7.—
(1)This Act may be cited as the Industrial Credit (Amendment) Act, 1983.
(2)The Industrial Credit Acts, 1933 to 1979, and this Act may be cited together as the Industrial Credit Acts, 1933 to 1983, and shall be construed together as one Act. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

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