LOANS GUARANTEE AND BORROWING REGULATION ACT (NORTHERN IRELAND) 1946

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LOANS GUARANTEE AND BORROWING REGULATION ACT (NORTHERN IRELAND) 1946 - SECT 4

Short title.

4.(1) In this Act, unless the context otherwise requires, the following
expressions have the meanings hereby assigned to them, that is to say:

"issue" includes re-issue;

Definition rep. by 1973 NI 2 art.60(2) sch.4; SRO (NI) 1973/340

"registered", in relation to any security, includes inscribed, "registered in
Northern Ireland," means in relation to securities, registered in a register
in Northern Ireland, and "a register," in relation to securities, includes any
book in which securities are registered;

"security" includes shares, bonds, notes, debentures, debenture stock and
units under a unit trust scheme;

"share" includes stock and any perpetual debenture or perpetual debenture
stock;

"statutory period" means ...

definition in 1954 c.33 (NI) s.41(2) substituted by 1979 NI 12 art.10

"the Ministry" means the Ministry of Finance;

"unit trust scheme" means any arrangements made for the purpose, or having the
effect, of providing facilities for the participation by persons, as
beneficiaries under a trust, in profits or income arising from the
acquisition, holding, management or disposal of securities or any other
property whatsoever;

"unit" means, in relation to a unit trust scheme, any right or interest
(whether described as a unit or otherwise) which may be acquired under the
scheme, being a right or interest created or issued for the purpose of raising
money for the purposes of the scheme or a right or interest created or issued
in substitution (whether directly or indirectly) for any right or interest so
created or issued.

(2) Any reference in this Act to the borrowing of money

(a)includes a reference to the making of any arrangement by which a sum which
would otherwise be payable at any date is payable at a later date, and
includes in particular the making of any arrangement by which the whole or any
part of the price of any property is allowed to remain unpaid either for a
fixed period or indefinitely, but

(b)does not include a reference to the acceptance by a person carrying on a
banking undertaking of moneys to be placed to the credit of a current or
deposit account.

(3) A person shall be deemed for the purposes of this Act to borrow or raise
money in Northern Ireland if the money is made available in Northern Ireland,
or, in any such case as is mentioned in sub-section (2) of this section, if
the money would, but for the arrangement in question, have been payable in
Northern Ireland, and, without prejudice to the preceding provisions of this
sub-section, a person shall also be deemed for the purposes of this Act to
borrow money in Northern Ireland if the money is borrowed on the security of
property in Northern Ireland.

(4) An arrangement for the giving of security, or further or other security,
for the repayment of any sum borrowed before the arrangement is made, being a
sum which is already due when the arrangement is made or which is payable not
later than six months, or such longer or shorter period as may be prescribed
by order of the Ministry, after the arrangement is made, shall be deemed for
the purposes of the two last preceding sub-sections to be an arrangement by
which that sum is payable at a date later than it would otherwise have been
payable.

In this sub-section, the expression "security" means any sort of security,
including, in particular, security by way of guarantee.

(5) A sum which, at the time of, or by virtue of, the making of any
arrangement, is payable on demand or on the expiration of a fixed period after
demand shall be deemed for the purposes of the three last preceding
sub-sections to be payable at the time of the making of the arrangement, or,
as the case may be, on the expiration of the fixed period after the making of
the arrangement, notwithstanding that no demand has been made.

S.5 rep. by SLR 1980

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Northern Irish Legislation

LOANS GUARANTEE AND BORROWING REGULATION ACT (NORTHERN IRELAND) 1946 - SECT 4