Irish Steel Limited (Amendment) Act, 1985

In short

This law amends previous acts related to Irish Steel Limited, primarily by adjusting the company's share capital and the financial limits on government involvement. It updates the maximum amounts the Minister for Finance can invest in or guarantee for the company.

What it regulates

The share capital of Irish Steel Limited.
The amount of shares the Minister for Finance can acquire in the company.
The limit on guarantees the Minister can provide for the company's borrowings.
The provision of advances (money) from the Central Fund to the company.

Who it concerns

Irish Steel Limited.
The Minister for Finance.

Key points

The share capital of the Company is set at £125,000,000.
The Minister for Finance may acquire shares up to an aggregate amount not exceeding £125,000,000.
The Minister's liability for guarantees on the company's borrowings is limited to £32,000,000.
The aggregate amount of moneys advanced to the Company from the Central Fund shall not exceed £18,000,000.

Legal text

Irish Steel Limited (Amendment) Act, 1985 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.

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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 1985 Irish Steel Limited (Amendment) Act, 1985 Irish Steel Limited (Amendment) Act, 1985 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 22 of 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 Irish Steel Holdings Limited Act, 1960 1960, No. 32 Irish Steel Limited (Amendment) Act, 1983 1983, No. 17 Irish Steel Limited (Amendment) Act, 1984 1984, No. 14 Irish Steel Limited Acts, 1960 to 1984 Number 22 of 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: Interpretation and construction. 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. Amendment of section 2 of 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 “£125,000,000” (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. Amendment of section 3 of Principal Act. 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. TABLE 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 £125,000,000 including any sum expended before the passing of this Act on such purchases from moneys provided by the Oireachtas. Amendment of section 9 of Principal Act. 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. 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 £32,000,000. Advances to the Company. 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. Short title and collective citation. 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. 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

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.