No. 31/1961:

SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED (AMENDMENT) ACT, 1961

ARRANGEMENT OF SECTIONS

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 Payment of interest on advances.

7 Repayment of advances.

8 Short title and Collective Citation.

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

[9th August, 1961.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1.—(1) In this Act—

"the Principal Act" means the Shannon Free Airport Development Company Limited Act, 1959 ;

"the Housing Acts" means the Housing (Financial and Miscellaneous Provisions) Acts, 1932 to 1960;

"the Minister" means the Minister for Transport and Power.

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

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 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Development Company Limited (hereinafter called the Company) shall not exceed one and one-half million pounds is hereby repealed, and, in lieu thereof, it is hereby enacted that the aggregate of the amounts so subscribed shall not exceed three million pounds.

3.—Subsection (2) of section 8 of the Principal Act is hereby repealed, and in lien thereof, it is hereby enacted that the aggregate amount of grants to be made to the Company under that section shall not exceed one million and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

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 at the airport.

(2) For the purposes of this section the amount of the expenditure 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 provision of such dwellings.

(3) The aggregate amount of advances under this section shall not exceed four hundred thousand pounds.

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 sum advanced out of the Central Fund under subsection (1) of the 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 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.

(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 aforesaid until the unpaid interest is paid.

(3) All interest paid to the Minister for Finance by the Company 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.

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 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 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 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 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 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 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.

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

8.—(1) This Act may be cited as the Shannon Free Airport 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.