Air Companies (Amendment) Act, 1976

Borrowing by the air companies.

3.—(1) (a) Each air company may, with (but only with) the consent of the Minister for Finance given after consultation with the Minister, borrow money (including money in a currency other than the currency of the State) upon such terms and conditions as may be approved of by the Minister for Finance by such means as it thinks fit.

(b) Without prejudice to the generality of paragraph (a) of this subsection, each air company may, with the consent of the Minister for Finance given after consultation with the Minister, borrow money by means of the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the company borrowing the money may, with the aforementioned consent given after the aforementioned consultation, determine.

(2) The borrowing powers conferred by this section on the air companies may be exercised for any purpose arising in the performance of their functions.

(3) The terms upon which moneys are borrowed under this section by an air company may, subject to the consent of the Minister for Finance given after consultation with the Minister, include provisions charging the moneys and interest thereon upon all property of whatsoever kind for the time being vested in the company or upon any particular property of the company.

(4) The total amount borrowed under this section by an air company shall not exceed such amount as may be sanctioned by the Minister for Finance from time to time in respect of that company.