Forestry Act, 1988

Power to borrow.

24.—(1) (a) Subject to the consent of the Minister and the Minister for Finance, the company may, by means of the issue of debentures or otherwise, borrow money (including money in a currency other than the currency of the State) for capital purposes including working capital from persons other than the Minister for Finance.

(b) The aggregate at any one time of borrowings by the company under paragraph (a) shall not exceed £80 million.

(c) For the purposes of this subsection moneys borrowed in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed, such equivalent being calculated according to the rate of exchange at the time of the borrowing for that currency and the currency of the State.

(2) The company may borrow money (including money in a currency other than the currency of the State) temporarily but the aggregate at any one time of such borrowings shall not exceed such amount as has been approved by the Minister with the consent of the Minister for Finance.

(3) (a) Without prejudice to section 2 (5), references in subsections (1) and (2) to the company include references to a subsidiary of the company.

(b) Where the company and a subsidiary thereof have at any one time borrowings under this section, the limit on borrowings provided for shall apply to the aggregate at any one time of borrowings by the company and the subsidiary.