In short
This law, the Sugar Manufacture (Amendment) Act, 1982, updates previous laws concerning sugar manufacturing by increasing the financial limits related to the company's share capital and government financial support.
What it regulates
- The maximum share capital of the company.
- The total amount of shares the Minister can acquire.
- The aggregate amount of financial commitments (advances, guarantees, and repayments) by the Minister.
Who it concerns
- The Company involved in sugar manufacture.
- The Minister (presumably the relevant government minister).
- Approved subsidiary companies.
Key points
- The company's share capital can be increased to seventy-five million pounds, divided into seventy-five million shares of one pound each.
- The total nominal value of shares acquired by the Minister cannot exceed seventy-five million pounds.
- The combined total of advances, guaranteed principal, and previously paid principal by the Minister cannot exceed seventy-five million pounds.
- This Act amends and extends the Sugar Manufacture Acts, 1933 to 1973.
đ Legal text
Sugar Manufacture (Amendment) Act, 1982
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Sugar Manufacture (Amendment) Act, 1982
Sugar Manufacture (Amendment) Act, 1982
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Number 19 of 1982
SUGAR MANUFACTURE (AMENDMENT) ACT, 1982
ARRANGEMENT OF SECTIONS
Section
1.
Definitions.
2.
Amendment of section 2 of Act of 1962.
3.
Amendment of section 3 of Act of 1962.
4.
Amendment of section 7 of Act of 1962.
5.
Short title, collective citation and construction.
Acts Referred to
Sugar Manufacture (Amendment) Act, 1962
1962, No. 37
Sugar Manufacture (Amendment) Act, 1973
1973, No. 6
Number 19 of 1982
SUGAR MANUFACTURE (AMENDMENT) ACT, 1982
AN ACT TO AMEND AND EXTEND THE SUGAR MANUFACTURE ACTS, 1933 TO 1973. [21st July, 1982]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Definitions.
1.âIn this Actâ
âthe Act of 1962â means the
Sugar Manufacture (Amendment) Act, 1962
;
âthe Act of 1973â means the
Sugar Manufacture (Amendment) Act, 1973
.
Amendment of section 2 of Act of 1962.
2.âSection 2 of the Act of 1962 is hereby amended by the substitution of âseventy-five million pounds divided into seventy-five million sharesâ for âten million pounds divided into ten million sharesâ (inserted by the Act of 1973), and the said section, as so amended, is set out in the Table to this section.
TABLE
2.âNotwithstanding anything to the contrary contained in the Principal Act, or the Memorandum or Articles of Association of the Company, it shall be lawful for the Company to increase its share capital to a total of seventy-five million pounds divided into seventy-five million shares of one pound each and for that purpose to make such alterations as may be requisite in the Memorandum and Articles of Association.
Amendment of section 3 of Act of 1962.
3.âSection 3 of the Act of 1962 is hereby amended by the substitution of âseventy-five million poundsâ for âeight million five hundred thousand poundsâ (inserted by the Act of 1973), and the said section, as so amended, is set out in the Table to this section.
TABLE
3.âThe Minister may from time to time acquire by subscription or purchase any class or classes of shares of the Company or an approved subsidiary company, but the total amount of shares standing so acquired at any one time shall not exceed (in nominal value) seventy-five million pounds.
Amendment of section 7 of Act of 1962.
4.âSection 7 of the Act of 1962 is hereby amended by the substitution of âseventy-five million poundsâ for âten million poundsâ (inserted by the Act of 1973), and the said section, as so amended, is set out in the Table to this section.
TABLE
7.âThe aggregate at any one time ofâ
(a) advances under
section 4
of this Act which have not been repaid,
(b) principal which the Minister is liable to repay on foot of any guarantee or guarantees under
section 5
of this Act, and
(c) principal which the Minister has previously paid on any such guarantee or guarantees and which has not been repaid by the Company or the approved subsidiary company (as the case may be),
shall not exceed seventy-five million pounds.
Short title, collective citation and construction.
5.â(1) This Act may be cited as the Sugar Manufacture (Amendment Act, 1982.
(2) The Sugar Manufacture Acts, 1933 to 1973, and this Act may be cited together as the Sugar Manufacture Acts, 1933 to 1982, and shall be construed together as one Act.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.