Transport (Córas Iompair Éireann and Subsidiary Companies Borrowings) Act 2012
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Borrowing by company. |
2.— The following section is substituted for section 20 of the Transport (Re-organisation of Córas Iompair Éireann) Act 1986: | |
“20.— (1) The Board may lend money to a company to defray expenditure incurred by it for such purposes and subject to such terms and conditions as the Board thinks fit. | ||
(2) A company may, with the consent of the Board (and subject to such terms and conditions as the Board may determine) raise or borrow money (including money in a currency other than the currency of the State) for meeting its obligations and carrying out its duties. | ||
(3) The terms on which money may be raised or borrowed by a company under subsection (2) may include provisions— | ||
(a) charging all or part of the money raised or borrowed and any related financial obligation, including interest, on all property, of whatever kind, being the assets for the time being of the company, or on any particular property, and | ||
(b) establishing the priority of such charges among themselves, | ||
and, where regulations under subsection (5) of section 67 of the Credit Institutions (Stabilisation) Act 2010 relate to that company, shall include provisions making any such charging subject to compliance by the company with that section. | ||
(4) Neither the Board, nor a company, shall so exercise its powers under subsection (1) or (2) respectively, that the money raised or borrowed by the Board and the companies exceeds the amount permitted to the Board under section 28 of the Act of 1950. | ||
(5) For the purposes of this section, money raised or borrowed in a currency other than the currency of the State is deemed to be the equivalent in the currency of the State of the actual money raised or borrowed, such equivalent being calculated according to the rate of exchange, at the time the money is raised or borrowed, for that currency and the currency of the State.”. |