In short
This law amends and extends previous Nitrigin Eireann Teoranta Acts from 1963 to 1975, primarily by increasing the limit on government guarantees for the company's borrowings and regulating staff remuneration and superannuation.
What it regulates
- The maximum amount the Minister can guarantee for the Company's borrowings.
- The types of expenses that can be covered by the Minister's guarantees.
- The remuneration and allowances for the Company's chief officer.
- Alterations to superannuation terms for the Company's staff.
Who it concerns
- Nitrigin Eireann Teoranta (the Company).
- The Minister (as defined in the Principal Act).
- The chief officer and permanent staff of Nitrigin Eireann Teoranta.
Key points
- The Minister's liability for guarantees of the Company's principal borrowings is increased to £100,000,000.
- Guarantees by the Minister can now include commission and incidental expenses related to the Company's borrowings.
- The remuneration and allowances for the Company's chief officer require the approval of the Minister and the consent of the Minister for the Public Service.
- Any changes to staff superannuation terms or additional benefits require the approval of the Minister and the consent of the Minister for the Public Service.
📄 Legal text
Nitrigin Eireann Teoranta Act, 1977
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1977
Nitrigin Eireann Teoranta Act, 1977
Nitrigin Eireann Teoranta Act, 1977
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Number 35 of 1977
NITRIGIN EIREANN TEORANTA ACT, 1977
ARRANGEMENT OF SECTIONS
Section
1.
Definitions.
2.
Guarantee by Minister of borrowings by Company.
3.
Extension of guarantees by Minister.
4.
Remuneration etc. of chief officer of Company.
5.
Superannuation of staff of Company.
6.
Short title and collective citation.
Acts Referred to
Nítrigin Éireann Teoranta Act, 1963
1963, No. 2
Nítrigin Éireann Teoranta Act, 1970
1970, No. 4
Nítrigin Éireann Teoranta Act, 1975
1975, No. 24
Number 35 of 1977
NITRIGIN EIREANN TEORANTA ACT, 1977
AN ACT TO AMEND AND EXTEND THE NITRIGIN EIREANN TEORANTA ACTS, 1963 TO 1975. [20th December, 1977]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Definitions.
1.—In this Act—
“the Company” and “the Minister” have the same meanings as in the Principal Act;
“the Principal Act” means the
Nítrigin Éireann Teoranta Act, 1963
.
Guarantee by Minister of borrowings by Company.
2.—The Minister shall not so exercise the powers conferred by section 7 (1) of the Principal Act 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 section for the time being in force (together with the amount of any principal which the Minister has previously paid on foot of any such guarantee or guarantees and which has not been repaid by the Company) exceeds £100,000,000 and, accordingly, section 7 (2) of the Principal Act is hereby amended by the substitution of “£100,000,000” for “£30,000,000” (inserted by the
Nítrigin Éireann Teoranta Act, 1975
).
Extension of guarantees by Minister.
3.—A guarantee under
section 7
(1) (as amended by the
Nítrigin Éireann Teoranta Act, 1970
) of the Principal Act may include a guarantee of the due payment by the Company of commission and incidental expenses arising in connection with moneys borrowed by the Company.
Remuneration etc. of chief officer of Company.
4.—There shall be paid by the Company to its chief officer (whether that officer is described as the Chief Executive or otherwise) such remuneration and allowances as the Company, with the approval of the Minister given with the consent of the Minister for the Public Service, shall determine.
Superannuation of staff of Company.
5.—Any alteration in the terms, in operation at the passing of this Act, governing the grant of pensions, gratuities, allowances or other payments on resignation, retirement or death, to or in respect of a member of the permanent staff of the Company, including its chief officer, or any other arrangement to provide for benefits additional to the terms referred to above, shall not take effect unless the alteration or arrangement has the approval of the Minister, given with the consent of the Minister for the Public Service.
Short title and collective citation.
6.—(1) This Act may be cited as the Nítrigin Éireann Teoranta Act, 1977.
(2) The Nítrigin Éireann Teoranta Acts, 1963 to 1975, and this Act may be cited together as the Nítrigin Éireann Teoranta Acts, 1963 to 1977.
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