In short
This law amends and extends previous acts related to Irish Steel Holdings Limited, primarily by increasing the limit on government guarantees for the company's borrowings and clarifying what types of financial obligations can be guaranteed.
What it regulates
- The maximum amount the Minister can guarantee for moneys borrowed by Irish Steel Holdings Limited.
- The types of financial obligations of Irish Steel Holdings Limited that can be guaranteed by the Minister.
- The interpretation of certain terms in the Principal Act, such as "principal" and "moneys borrowed."
Who it concerns
- Irish Steel Holdings Limited.
- The Minister (presumably the Minister for Finance, given the reference to the State Guarantees Act, 1954).
Key points
- The guarantee limit for the Minister for repayment of moneys borrowed by the Company is increased from "£1,000,000" to "£3,000,000".
- The guarantee can now cover not only borrowed moneys and interest, but also the due payment of instalments of moneys owed by the Company under a contract, or the interest on such moneys, or both.
- Amounts guaranteed by the Minister for Finance under the State Guarantees Act, 1954, for the Company's borrowings are considered guaranteed under the Principal Act.
- "Principal" and "moneys borrowed" in the Principal Act now include moneys owed by the Company and outstanding under a contract.
📄 Legal text
Irish Steel Holdings Limited (Amendment) Act, 1971
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Irish Steel Holdings Limited (Amendment) Act, 1971
Irish Steel Holdings Limited (Amendment) Act, 1971
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Number 4 of 1971
IRISH STEEL HOLDINGS LIMITED (AMENDMENT) ACT, 1971
ARRANGEMENT OF SECTIONS
Section
1.
Interpretation and construction.
2.
Amendment of section 9 of Principal Act.
3.
Construction of section 9 of Principal Act.
4.
Short title and collective citation.
Acts Referred to
Irish Steel Holdings Limited Act, 1960
1960, No. 32
Irish Steel Holdings Limited (Amendment) Act, 1963
1963, No. 11
State Guarantees Act, 1954
1954, No. 9
Number 4 of 1971
IRISH STEEL HOLDINGS LIMITED (AMENDMENT) ACT, 1971
AN ACT TO AMEND AND EXTEND THE IRISH STEEL HOLDINGS LIMITED ACTS, 1960 AND 1963. [16th March, 1971.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Interpretation and construction.
1.—(1) In this Act “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 9 of Principal Act.
2.—Section 9 of the Principal Act, which imposes a limit on the guarantee by the Minister of the repayment of moneys borrowed by the Company, is hereby amended—
(a) by the substitution in subsection (3) of “£3,000,000” for “£1,000,000” (inserted by the
Irish Steel Holdings Limited (Amendment) Act, 1963
),
and
(b) by the insertion in subsection (1) after “to the Company” and in subsection (2) after “and the payment of such interest” of “or the due payment by the Company of instalments of moneys owed by the Company and outstanding under a contract entered into by the Company or the interest on any such moneys outstanding or both the payment of such instalments and such interest.”
Construction of section 9 of Principal Act.
3.—(1) For the purposes of section 9 of the Principal Act, the amounts guaranteed by the Minister for Finance under the
State Guarantees Act, 1954
, in respect of moneys borrowed by the Company shall be deemed to be amounts guaranteed by the Minister under the Principal Act.
(2) In section 9 (5) (c) of the Principal Act “principal” shall be construed as including moneys owed by the Company and outstanding under a contract entered into by the Company, and in sections 12 (b) and 12 (c) of the Principal Act “moneys borrowed” shall be construed as including moneys owed by the Company and outstanding under a contract entered into by the Company.
Short title and collective citation.
4.—(1) This Act may be cited as the Irish Steel Holdings Limited (Amendment) Act, 1971.
(2) The Irish Steel Holdings Limited Acts, 1960 and 1963, and this Act may be cited together as the Irish Steel Holdings Limited Acts, 1960 to 1971.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.