Taisci Stait Teoranta Act, 1963

Functions of Company.

3.—(1) The functions of the Company shall be:

(a) to acquire, hold, sell, assign and otherwise deal with shares and debentures issued by—

(i) any state-assisted industrial company,

(ii) any company to which a grant or guarantee of borrowing has been or is to be given under the Tourist Traffic Acts, 1939 to 1961, in respect of the development of holiday accommodation,

(iii) Aviation Development Limited,

(iv) Industrial Engineering Company Limited,

(b) to issue loans to state-assisted industrial companies,

(c) to guarantee the due repayment with interest of borrowings by state-assisted industrial companies.

(2) (a) The Company shall exercise the functions specified in the foregoing subsection as and when directed by the Minister (and not otherwise) and in accordance with the terms of the direction.

(b) Before giving a direction under the foregoing paragraph, the Minister shall consult with the appropriate Minister.

(3) In this section—

“the appropriate Minister” means either, as the Minister may decide in each particular case, the Minister for Industry and Commerce or the Minister for Transport and Power;

“state-assisted industrial company” means an industrial company to which a grant has been or is to be made by An Foras Tionscal.