Nitrigin Eireann Teoranta Act, 1970

Advances to Company by Minister for Finance.

5.—(1) Section 5 of the Principal Act is hereby amended by the substitution of the following for subsection (1):

“(1) The Minister for Finance may, on the recommendation of the Minister, make repayable advances to the Company but, account being taken of advances made to the Company before the passing of this Act out of moneys provided by the Oireachtas, such advances shall not exceed in the aggregate £2,500,000.”.

(2) Subsection (1) of this section shall come into operation on the day after the date of issue by the Company to the Minister for Finance in accordance with section 3 (1) of this Act of fully paid up shares of the Company.

(3) Section 5 of the Principal Act is hereby further amended by the insertion after subsection (2) of the following:

“(2A) Any terms as to repayment, interest or other matters determined by the Minister for Finance under subsection (2) of this section may be modified by him as if the advances remaining repayable in accordance with section 3 (2) of the Nítrigin Éireann Teoranta Act, 1970, had been made on the 1st day of July, 1967.”.