Air Navigation and Transport (Amendment) Act, 1998

Borrowing by company and subsidiaries.

13.—(1) The company or a subsidiary of the company may, with the consent of the Minister and the Minister for Finance, and upon such terms and conditions as may be approved by the Minister for Finance, raise or borrow money (including money in a currency other than the currency of the State), by means of the issue of debentures or otherwise.

(2) The company or a subsidiary of the company may borrow money temporarily (including money in a currency other than the currency of the State) but the aggregate at any one time of moneys borrowed under this subsection shall not exceed such amount as the Minister, with the consent of the Minister for Finance, by direction specifies.

(3) The terms upon which the company or a subsidiary of the company may borrow moneys may include provisions charging all or part of the moneys borrowed and any related financial obligation, including interest thereon, upon all property, of whatever kind, being the assets for the time being of such body, or upon any particular property, and provisions establishing the priority of such charges among themselves.

(4) For the purposes of this section 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.

(5) The aggregate at any one time of moneys borrowed under this section shall not exceed £250 million.

(6) The Minister may, with the consent of the Minister for Finance and after consultation with the company, by order vary the amount specified in subsection (5).