In short
This law allows the Minister for Finance to buy more shares in Aerlínte Éireann, Teoranta, and increases the limit on how much the Minister can guarantee for loans taken by Aer Lingus, Teoranta, and Aerlínte Éireann, Teoranta.
What it regulates
- The ability of the Minister for Finance to acquire additional shares in Aerlínte Éireann, Teoranta.
- The source of funds for payments made by the Minister for Finance under this Act.
- The requirement for Aerlínte Éireann, Teoranta, to update its company documents.
- The maximum amount the Minister for Finance can guarantee for borrowings by Aer Lingus and Aerlínte.
Who it concerns
- The Minister for Finance.
- Aerlínte Éireann, Teoranta.
- Aer Lingus, Teoranta.
Key points
- The Minister for Finance can subscribe for further shares in Aerlínte Éireann, Teoranta, up to a nominal value of £60,000,000.
- All required moneys for payments by the Minister for Finance under this Act will come from the Central Fund.
- Aerlínte Éireann, Teoranta, must alter its memorandum and articles of association to be consistent with this Act.
- The Minister for Finance's guarantee limit for borrowings by Aer Lingus and Aerlínte is increased to £150,000,000.
📄 Legal text
Air Companies (Amendment) Act, 1983
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Air Companies (Amendment) Act, 1983
Air Companies (Amendment) Act, 1983
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Number 3 of 1983
AIR COMPANIES (AMENDMENT) ACT, 1983
ARRANGEMENT OF SECTIONS
Section
1.
Power of Minister for Finance to acquire further shares in Aerlínte.
2.
Provision of moneys for payments under this Act out of Central Fund.
3.
Alteration of memorandum and articles of association of Aerlínte.
4.
Guarantee of Minister for Finance of borrowings by Aer Lingus and Aerlínte.
5.
Short title and collective citation.
Acts Referred to
Air Companies Act, 1966
1966, No. 4
Air Companies (Amendment) Act, 1976
1976, No. 36
Companies Act, 1963
1963, No. 33
Number 3 of 1983
AIR COMPANIES (AMENDMENT) ACT, 1983
AN ACT TO PROVIDE FOR THE TAKING UP BY THE MINISTER FOR FINANCE OF FURTHER SHARES OF AERLÍNTE ÉIREANN, TEORANTA, AND TO INCREASE THE LIMIT ON GUARANTEES OF BORROWING BY AER LINGUS, TEORANTA, AND AERLÍNTE ÉIREANN, TEORANTA, BY THE SAID MINISTER. [15th March, 1983]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Power of Minister for Finance to acquire further shares in Aerlínte.
1.—In addition to the shares held by him in Aerlínte Éireann, Teoranta, by virtue of
section 2
of the
Air Companies Act, 1966
, the Minister for Finance may subscribe for further shares (of any class) of Aerlínte Éireann, Teoranta, to an amount not exceeding in nominal value £60,000,000.
Provision of moneys for payments under this Act out of Central Fund.
2.—All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him under this Act shall be paid out of the Central Fund or the growing produce thereof.
Alteration of memorandum and articles of association of Aerlínte.
3.—Aerlínte Éireann, Teoranta, shall take such steps as may be necessary under the
Companies Act, 1963
, to alter its memorandum and articles of association to make them consistent with this Act.
Guarantee of Minister for Finance of borrowings by Aer Lingus and Aerlínte.
4.—The Minister for Finance shall not so exercise the powers conferred by
section 2
(1) of the
Air Companies (Amendment) Act, 1976
, that the amount or the aggregate amount of principal which he may at any one time be liable to pay on foot of any guarantees under section 2 (1) (a) of that Act for the time being in force (together with the amount of principal which the said Minister has previously paid on foot of any such guarantees and has not been repaid) exceeds £150,000,000 and, accordingly, section 2 (2) of that Act, is hereby amended by the substitution of “£150,000,000” for “£75,000,000”.
Short title and collective citation.
5.—(1) This Act may be cited as the Air Companies (Amendment) Act, 1983.
(2) The Air Companies Acts, 1966 to 1978 and this Act may be cited together as the Air Companies Acts, 1966 to 1983.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.