Industrial Credit (Amendment) Act, 1971

Principal objects of the Company.

3.—(1) Paragraph 2 of the Schedule to the Principal Act is hereby amended by the substitution of the following subparagraph for subparagraph (c):

“(c) that the principal objects of the Company shall include—

(i) the acquisition, underwriting, holding, selling and otherwise dealing of or with shares, stocks, debentures, and other securities issued by any company or body corporate (wherever incorporated) which carries on or proposes to carry on in the State any trade or industry,

(ii) the acquisition, underwriting, holding, selling and otherwise dealing of or with shares, stocks, debentures, and other securities issued by any company or body corporate (wherever incorporated and wherever operating) in which any company or body corporate (wherever incorporated) which carries on or proposes to carry on in the State any trade or industry holds more than one-fifth (in nominal value) of the issued shares carrying voting rights, provided that every such acquisition, underwriting, holding, selling or other dealing is likely to be of benefit to a trade or industry in the State,

(iii) the lending or advancing of money, with or without security, in such manner and upon such terms as the directors of the Company may think proper to any person engaged or proposing to engage in the State in any trade or industry for the purposes of establishing, carrying on or extending such trade or industry,

(iv) the lending or advancing of money, with or without security, to any company or body corporate (wherever incorporated and wherever operating) in which a person engaged or proposing to engage in the State in any trade or industry holds more than one-fifth (in nominal value) of the issued shares carrying voting rights, provided that every such loan or advance is likely to be of benefit to a trade or industry in the State;”

(2) For the purposes of subsection (1) of this section, it shall be lawful for the Company to make such alterations as may be requisite in its Memorandum of Association.