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Oireachtas Library ____ AN BILLE UM CHUIDEACHTA FORBARTHA AERFORT NEAMHCHUSTAM NA SIONNA TEORANTA (LEASU), 1961.

SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED (AMENDMENT) BILL, 1961.

Mar a tugadh isteach.

As introduced.

ARRANGEMENT OP SECTIONS.

Section.

1.

Interpretation.

2.

Amendment of section 2 of the Principal Act.

3.

Amendment of section 8 of the Principal Act.

4.

Advances to the Company out of the Central Fund.

5.

Provision of moneys for advances out of the Central Fund.

6.
6.

Payment of interest on advances.

7.

Repayment of advances.

8.

Short title and collective citation.

AN BILLE DM CHUIDEACHTA FORBARTHA AERFORT NEAMHCHUSTAM NA SIONNA TEORANTA (LEASU), 1961.

SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED (AMENDMENT) BILL, 1961.

BILL entitled Interpretation.

1959, No.

36.

AN ACT TO AMEND AND EXTEND THE SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED ACT, 1959.

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS 10 1.


—(1) In this Act— “ the Principal Act ” means the Shannon Free Airport Develop­ ment Company Limited Act, 1959; » ‘' “ the Housing Acts ” means the Housing (Financial and Mis­ cellaneous Provisions) Acts, 1932 to 1960; 15 “ the Minister ” means the Minister for Transport and Power.

(2) This Act shall be construed as one with the Principal Act.

Amendment of section 2 of the Principal Act.

2.
2.

—So much of section 2 of the Principal Act as provides that the aggregate of the amounts which the Minister for Finance may subscribe under that section in taking up shares of the Shannon 20 Free Airport Development Company Limited (hereinafter called the Company) shall not exceed one and one-half million pounds is hereby repealed, and, in lieu thereof, it is hereby enacted that the aggregate of the amounts so subscribed shall not exceed three million pounds.
25 Amendment of section 8 of the Principal Act.

3.

—Subsection (2) of section 8 of the Principal Act is hereby repealed, and in lieu thereof, it is hereby enacted that the aggregate amount of grants to be made to the Company under that section shall not exceed one million and two hundred and fifty thousand pounds.

30 Advances to the Company out of the Central Fund.

4.
4.

—(1) The Minister for Finance may from time to time, subject to the provisions of this section, make advances to the Company out of the Central Fund or the growing produce thereof to meet one-half of the expenditure by the Company on the provision of dwellings for -workers employed on the industrial estate established 35 at the airport.
(2) For the purposes of this section the amount of the expendi­ ture of the Company on the provision of workers’ dwellings shall be calculated after deduction of the amount of any grants received by the Company under the Housing Acts in respect of the pro- 40 vision of such dwellings.

(3) The aggregate amount of advances under this section shall not exceed four hundred thousand pounds.
2 5.—Subsections (2) and (3) of section 3 of the Principal Act shall apply to the provision of moneys for the sums advanced out of the Central Fund under the immediately preceding section of this Act as they apply to the provision of moneys for the sums 5 advanced out of the Central Fund under subsection (1) of the Provision of moneys for advances out of the Central Fund.

said section 3 of the Principal Act.


6.—(1) The Company shall pay to the Minister for Finance on every sum advanced to the Company out of the Central Fund under section 4 of this Act interest from the date of the advance 10 of the sum until the sum is repaid at such rate as shall from time to time be appointed by the Minister for Finance in respect of the sum, and the interest shall be so paid by half-yearly payments on such days in every year as the Minister for Finance shall from time to time appoint.
Payment of interest on advances.

15 (2) If the Company fails to pay to the Minister for Finance any interest payable by it under this section at the time appointed in that behalf under this section, the Company shall pay to the Minister for Finance interest at the rate appointed by the said Minister on the interest so unpaid from the time appointed as 20 aforesaid until the unpaid interest is paid.
(3) All interest paid to the Minister for Finance by the Com­ pany under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

Repayment of advances.
25 7.—(1) For the purpose of providing for the repayment by the Company of the advances made to it out of the Central Fund under section 4 of this Act, the Company shall make to the Minister for Finance half-yearly payments commencing on such date, and continuing for such number of years and being of such 30 amounts and payable at such times as the Minister for Finance, after consultation with the Minister, shall appoint, and different dates, numbers of years, amounts, and times may be so appointed in respect of different portions of the advances.
(2) The several half-yearly payments to be made to the Minister 35 for Finance by the Company under this section shall be applied by the said Minister as sinking funds for the repayment of the several portions of the advances in respect of which the half- yearly payments are made and when the Company has paid to the said Minister the full number of half-yearly payments 40 appointed under this section in respect of any portion of the advances (together with any interest which may have become payable under this section in respect of any of the half-yearly payments) that portion of the advances shall be deemed to be fully repaid by the Company, without prejudice to the liability of the 45 Company for any interest then unpaid in respect of that portion of the advances.
(3) If the Company fails to pay to the Minister for Finance any half-yearly payment or portion of a half-yearly payment payable by it to the said Minister under this section at the time 50 appointed in that behalf under this section, the Company shall pay to the said Minister on the half-yearly payment or portion of a half-yearly payment interest at such rate as shall from time to time be appointed by the said Minister in respect thereof from the time appointed as aforesaid until the payment or portion is 55 paid.
(4) All moneys paid by the Company to the Minister for Finance under this section in repayment of advances shall be paid into the Exchequer.

11 3 (5) All sums paid by the Company to the Minister for Finance under this section on foot of interest shall be paid into or dis­ posed of for tiie benefit of the Exchequer in such manner as the Minister for Finance may direct.

Short title and collective oitation.


8.—(1) This Act may be cited as the Shannon Free Airport 5 Development Company Limited (Amendment) Act, 1961.

(2) The Principal Act and this Act may be cited together as the Shannon Free Airport Development Company Limited Acts, 1959 and 1961. u AN BILLE UM CHUIDEACHTA FOR- BARTHA AERFORT NEAMHCHUSTAM NA SIONNA TEORANTA (LEASU), 1961.

SHANNON FREE AIRPORT DEVELOP­ MENT COMPANY LIMITED (AMEND­ MENT) BILL, 1961.
BILLE (mar a tugadh isteack) dd ngairtear BILL (as introduced) entitled Acht.

do leasu agus do leathnu an Achta urn Chuideachta Forbartha Aerfort Neamh- chustam na Sionna Teoranta, 1959.

An Act to amend and extend the Shannon Free Airport Development Company Limited Act, 1959.

An tAire Iompair agus Cumhachta a thug isteach.

Introduced by the Minister for Transport and Power.

Ordaiodh ag Dail Eireann a chlobhualadh, 21 Meitheamh, 1961.

Ordered by Dail Eireann to be printed, 21 st June, 1961.
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