LOANS GUARANTEE AND BORROWING REGULATION ACT (NORTHERN IRELAND) 1946

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LOANS GUARANTEE AND BORROWING REGULATION ACT (NORTHERN IRELAND) 1946 - SECT 2

Regulation of borrowing, etc.

2.(1) The Ministry may make orders for regulating, subject to such exemptions
as may be specified in the orders, all or any of the following transactions,
that is to say

(a)the borrowing of money in Northern Ireland;

(b)the raising of money in Northern Ireland by the issue, whether in Northern
Ireland or elsewhere, by any body corporate, of any shares in that body
corporate;

(c)the issue for any purposes

(i)by any body corporate of any shares in or debentures or other securities of
that body corporate, if either the body corporate is incorporated under the
law of Northern Ireland or the shares, debentures or other securities are or
are to be registered in Northern Ireland; or

(ii)by any Government, other than His Majesty's Government in the United
Kingdom or the Government of Northern Ireland, of any securities of that
Government which are or are to be registered in Northern Ireland;

(d)the circulation in Northern Ireland of any offer for subscription, sale or
exchange of

(i)any shares in or debentures or other securities of any body corporate not
incorporated under the law of Northern Ireland; or

(ii)any securities of any Government other than His Majesty's Government in
the United Kingdom or the Government of Northern Ireland:

Provided that paragraph (a) of this sub-section shall not apply to the
borrowing of money by any person (other than a [district council or a joint
committee appointed by two or more such councils for a purpose in which they
are jointly interested]) in the ordinary course of his business from a person
carrying on a banking undertaking.

(2) The provisions of this section shall apply in relation to units under a
unit trust scheme as they apply in relation to shares in a body corporate, but
as if

(a)any reference to the issue of shares in a body corporate by that body
corporate were a reference to an issue of units for the purposes of the
scheme; and

(b)any reference to shares in a body corporate incorporated, or not
incorporated, under the law of Northern Ireland were a reference to units
issued under a scheme governed, or not governed, by the law of Northern
Ireland.

(3) The provisions of the Schedule to this Act (which relate to enforcement
and penalties) shall have effect in relation to orders made under this section
but the rights of the persons concerned in any transaction shall not be
affected by the fact that the transaction was in contravention of any such
orders.

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Northern Irish Legislation

LOANS GUARANTEE AND BORROWING REGULATION ACT (NORTHERN IRELAND) 1946 - SECT 2