SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED ACT, 1959
AN ACT TO AUTHORISE THE MINISTER FOR FINANCE TO TAKE UP SHARES OF THE SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED, TO PROVIDE FOR THE MAKING OF GRANTS TO THAT COMPANY AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID.
[8th December, 1959.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—
1. —In this Act—
"the airport" means the entire area within the outer margin of the red line marked ABCDEFG on the map annexed to the Customs-Free Airport (Variation of Limits) Order, 1958, but, where, after the passing of this Act, any order is made under section 2 of the Customs-Free Airport Act, 1947 , altering that area and is for the time being in force, means that area as so altered;
"the Company" means the Shannon Free Airport Development Company Limited;
"the Minister" means the Minister for Transport and Power.
|[GA]||Power to Minister for Finance to take up shares of the Company.|| |
2. —The Minister for Finance may from time to time take up by subscription any class or classes of shares of the Company and the amounts, not exceeding in the aggregate one and one-half mill on pounds, which may be subscribed under this section shall be determined by the Minister for Finance after consultation with the Minister.
|[GA]||Advances of moneys out of the Central Fund.|| |
3. —(1) All moneys from time to time required by the Minister for Finance to meet payments required to be made by him to the Company in respect of any shares taken up by him under this Act shall be advanced out of the Central Fund or the growing produce thereof.
(2) For the purpose of providing moneys for the sums advanced out of the Central Fund under this section, the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.
(3) The principal of and interest on any securities issued by the Minister for Finance 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.
|[GA]||Holding and sale by the Minister for Finance of shares.|| |
4. —(1) The Minister for Finance may hold for so long as he thinks fit any shares of the Company taken up by him under this Act and may, as and when he thinks fit, sell all or any of such shares.
(2) The net proceeds of a sale by the Minister for Finance of shares of the Company shall be paid into or disposed of for the benefit of the Exchequer.
|[GA]||Exercise by the Minister for Finance of right or power exercisable by holder of Shares.|| |
5. —Where the Minister for Finance holds shares of the Company, he may exercise a right or power exercisable by the holder of the shares and, where the right or power is exercisable by attorney, he may, if he so thinks proper, exercise it by his attorney.
|[GA]||Disposition of dividends, etc., on shares held by the Minister for Finance.|| |
6. —All dividends, bonus and other moneys received by the Minister for Finance in respect of shares of the Company held by him shall be paid into or disposed of for the benefit of the Exchequer.
|[GA]||Exemption from stamp duty.|| |
7. —Section 112 of the Stamp Act, 1891, shall not operate so as to require the Company to deliver to the Registrar of Joint Stock Companies any statement or to pay any stamp duty under that section in respect of any increase of the capital of the Company.
|[GA]||Grants to the Company.|| |
8. —(1) The Minister, with the consent of the Minister for Finance, may, out of moneys provided by the Oireachtas, make grants to the Company—
( a ) to enable the Company to do such things as are calculated either directly or indirectly to encourage or facilitate the establishment and carrying on of commercial, industrial and trading enterprises at the airport, and
( b ) to meet the running expenses of the Company.
(2) The aggregate amount of grants under this section shall not exceed five hundred thousand pounds.
|[GA]||Restriction on amount of certain grants made by the Company.|| |
9. —(1) Where a grant is made by the Company for the provision of machinery and equipment in connection with any industrial or commercial enterprise at the airport, the amount of the grant shall not exceed one-half of the cost of the machinery and equipment.
(2) Where a grant is made by the Company for the training of workers for the purpose of any industrial or commercial enterprise at the airport, the amount of the grant shall not exceed the actual amount of wages paid to such workers during the period of their training, together with, in the case of workers trained outside the State, the amount of their travelling and subsistence expenses.
|[GA]||Provisions having effect in certain circumstances.|| |
10. —The provisions of the Schedule to this Act shall have effect so long as—
( a ) the Minister for Finance holds any shares of the Company, or
( b ) any moneys borrowed by the Company the due repayment of which is guaranteed by the Minister for Finance under the State Guarantees Act, 1954 , as amended by the State Guarantees Act, 1954 (Amendment of Schedule) Order, 1959, have not been repaid, or
( c ) any moneys borrowed by the Company, the due repayment of which is so guaranteed and the amount of which has been paid by the Minister for Finance under the guarantee, have not (together with interest thereon at the rates appointed by that Minister) been repaid by the Company to him or recovered from the Company by him.
|[GA]||Restriction on making of grants by An Foras Tionscal.|| |
11. —After the passing of this Act, An Foras Tionscal shall not make a grant in respect of the establishment, development or maintenance of an industrial undertaking at the airport.
12. —The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.
|[GA]||Short title.|| |
13. —This Act may be cited as the Shannon Free Airport Development Company Limited Act, 1959 .