Air Companies (Amendment) Act, 1969
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —In this Act—
“the Act of 1966” means the Air Companies Act, 1966 ;
“AerlÃ­nte” means AerlÃ­nte Ãireann, Teoranta.
num: 2
paragraphs: —In addition to the shares held by him in AerlÃ­nte by virtue of section 2 of the Act of 1966, the Minister for Finance may subscribe for further shares (of any class) of AerlÃ­nte to an amount not exceeding ten million pounds.
num: 3
paragraphs: —(1) The Minister for Finance may, on the recommendation of the Minister for Transport and Power, pay to AerlÃ­nte such sums, not exceeding five million pounds, as AerlÃ­nte may require for the purpose of defraying expenditure incurred by AerlÃ­nte which is properly chargeable to capital.
(2) The sums paid to AerlÃ­nte under this section shall be on such terms as to interest and other matters as may from time to time be determined by the Minister for Finance but shall not be repayable.
num: 4
paragraphs: —(1) 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.
(2) The Minister for Finance may, for the purpose of providing for the payment of moneys out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any moneys required for that purpose, and for the purposes of such borrowing, he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.
(3) The principal of and interest on all securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.
num: 5
paragraphs: —AerlÃ­nte 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.
num: 6
paragraphs: —Section 5 of the Act of 1966 is hereby amended—
(a) by the insertion after subsection (1) of the following—
“(1) (A) The Minister for Finance shall not so exercise the powers conferred on him by subsection (1) of this section that the aggregate amount of principal which he may at any time be liable to pay in respect of guarantees under the said subsection (1) for the time being in force in relation to moneys borrowed by Aer Lingus and AerlÃ­nte (together with the amount of principal, if any, which the Minister for Finance has previously paid on foot of any such guarantees and has not been repaid) exceeds fifty million pounds.”,
(b) by the substitution in subsection (10) (a) of “subsection (1) (A)” for “subsections (2) and (3)”,
(c) by the insertion in subsection (10) (b) after “in” of “subsection (1) (A) and”, and
(d) by the deletion of subsections (2) and (3).
num: 7
paragraphs: —Section 4 of the Act of 1966 is hereby repealed.
num: 8
paragraphs: —(1) This Act may be cited as the Air Companies (Amendment) Act, 1969.
(2) The Air Companies Acts, 1966 and 1967, and this Act may be cited together as the Air Companies Acts, 1966 to 1969.