Irish Shipping Limited (Amendment) Act, 1980

In short

This law, the Irish Shipping Limited (Amendment) Act, 1980, updates previous laws from 1947 and 1959 concerning Irish Shipping Limited. It primarily increases the company's capital limit and the amount of money the Minister can guarantee for the company's borrowings.

What it regulates

The maximum capital of Irish Shipping Limited.
The Minister's power to guarantee loans for Irish Shipping Limited.
The maximum amount the Minister can guarantee for the company's borrowings.
How guarantees in foreign currencies are calculated in relation to the State's currency.

Who it concerns

Irish Shipping Limited.
The Minister (who can guarantee loans for the company).

Key points

Irish Shipping Limited's capital limit is increased to £22,000,000.
The Minister can guarantee the repayment of principal and/or payment of interest on moneys borrowed by the company, including in foreign currencies.
The total amount of principal the Minister can be liable for under guarantees is increased to £15,000,000.
For guarantees in foreign currencies, the principal and moneys are calculated based on their equivalent cost in the currency of the State at the time the guarantee is given or the cost of the actual moneys.

Legal text

Irish Shipping Limited (Amendment) Act, 1980 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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s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1980 Irish Shipping Limited (Amendment) Act, 1980 Irish Shipping Limited (Amendment) Act, 1980 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 39 of 1980 IRISH SHIPPING LIMITED (AMENDMENT) ACT, 1980 ARRANGEMENT OF SECTIONS Section 1. Interpretation. 2. Amendment of section 2

(1)of Principal Act.

Amendment of section 9 of Principal Act.
Short title, collective citation and construction. Number 39 of 1980 IRISH SHIPPING LIMITED (AMENDMENT) ACT, 1980 AN ACT TO AMEND THE IRISH SHIPPING LIMITED ACTS, 1947 AND
[23rd December, 1980] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Interpretation. 1.—In this Act— “the Principal Act” means the Irish Shipping Limited Act, 1947 ; “the Act of 1959” means the Irish Shipping Limited (Amendment) Act, 1959 . Amendment of section 2

(1)of Principal Act. 2.—Section 2 of the Principal Act is hereby amended by the substitution of “£22,000,000” for “£12,000,000” (inserted by the Act of 1959) in subsection

(1)and the said subsection, as so amended, is set out in the Table to this section. TABLE

(1)Notwithstanding anything contained in the Companies Acts, 1908 to 1924, or in the memorandum or articles of association of the Company, the Company may increase its capital to a total not exceeding £22,000,000 and for that purpose may, subject to the provisions of this Act, make such alterations in its memorandum and articles of association as may be appropriate. Amendment of section 9 of Principal Act. 3.—Section 9 of the Principal Act is hereby amended— (a) by the substitution of the following subsection for subsection

(1): “

(1)The Minister may, after consultation with the Minister for Transport, guarantee, in such form and manner and in such moneys (including moneys in a currency other than the currency of the State) and on such terms and conditions as he thinks fit, the due repayment by the Company of the principal of any moneys borrowed, with his consent, by the Company or the payment of interest on such moneys or both the repayment of such principal and the payment of such interest.”, (b) by the substitution of “£15,000,000” for “£5,000,000” (inserted by the Act of 1959) in subsection

(2), and (c) by the insertion of the following subsection after subsection

(9): “

(10)In relation to a guarantee referred to in subsection

(1)of this section and given in moneys in a currency other than the currency of the State— (a) the references to principal in subsection

(1)of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of giving the guarantee, (b) each of the references to moneys in subsections

(5),

(6),

(7),

(8)and

(9)of this section shall be taken as referring to the cost in currency of the State of the actual moneys.”, and the said subsection

(2), as so amended, is set out in the Table to this section. TABLE

(2)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 repay on foot of any guarantee or guarantees under this section for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any guarantees under this section and has not been repaid, exceeds £15,000,000. Short title, collective citation and construction. 4.—

(1)This Act may be cited as the Irish Shipping Limited (Amendment) Act, 1980.

(2)The Irish Shipping Limited Acts, 1947 and 1959, and this Act may be cited together as the Irish Shipping Limited Acts, 1947 to 1980, and shall be construed as one with those Acts. Acts Referred to Irish Shipping Limited Acts, 1947 and 1959 Irish Shipping Limited (Amendment) Act, 1959 1959, No. 3 Irish Shipping Limited Act, 1947 1947, No. 37 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.