Dublin Port and Docks (Bridges) Act, 1929

Creation of Stock.

18.—(1) In addition to and not in substitution for any power conferred upon the Board by section 17 of this Act (Power to Borrow on security of Bridge Rate) the Board may from time to time by resolution create a redeemable stock to be from time to time issued for such a nominal amount or nominal amounts as they think fit not exceeding in the aggregate such nominal amount as according to the price of issue less any brokerage and under-writing commission would produce the actual amount of money lawfully raisable by the Board under the Powers conferred by this Act.

(2) The Board may issue such redeemable stock at such price or prices (whether equal to greater or less than the nominal amount of stock) as the Board shall by such resolution determine.

(3) The Board by any resolution creating any amount of such redeemable stock shall

(a) specify that the stock created thereby is redeemable,

(b) prescribe such period not exceeding sixty years as they shall think fit as the period within which that amount of stock shall be redeemed, such period commencing as the Board may determine either from the date of such resolution or from the date of the issue of the stock,

(c) prescribe that the stock so created shall bear interest half-yearly at such rate as they shall think fit whether the same as or differing from the rate of interest borne by any other portion of such stock already issued as the Board shall by such resolution determine and the amount of such stock to which such resolution relates shall bear interest thereby determined accordingly.

(4) All stock at any time created under the powers conferred by this section shall rank equally without any priority or preference by reason of the date of creation or date of issue of any portion of such stock or on any other ground whatsoever.

(5) All such stock shall be designated by the Board as “Dublin Bridge Stock” herein called “Bridge Stock.”

(6) Bridge Stock shall be deemed capital stock of a body corporate within the Forgery Act 1861.