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Power to borrow.
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23.—(1) (a) Subject to the consent of the Minister and the Minister for Finance, a company or a subsidiary 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.
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(b) The aggregate at any one time of borrowings under paragraph (a) by a company and a subsidiary or either of them shall not exceed 50 per cent, of the value of so much of the company's assets as are treated as fixed assets for the purposes of its accounts.
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(2) The Minister may, with the consent of the Minister for Finance, by order vary the percentage standing specified for the time being in subsection (1) (b).
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(3) A company or a subsidiary may borrow money (including money in a currency other than the currency of the State) temporarily but the aggregate standing unrepaid at any time of such borrowings by a company and a subsidiary or either of them shall not exceed such amount as may stand approved for the time being by the Minister with the consent of the Minister for Finance.
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(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.
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