Sugar Manufacture (Amendment) Act, 1973

Amendment of section 8 of Principal Act.

2.—Section 8 of the Principal Act is hereby amended—

(a) by the substitution of the following for subsection (1):

“(1) Whenever the Company proposes to issue any debentures the Minister may, if he thinks fit, guarantee in such form and manner and in such moneys (including moneys in a currency other than the currency of the State) as he may think proper the due payment by the Company in accordance with the terms of such debentures of the principal moneys and interest thereon secured by such debentures, and any such guarantee may include guarantee of payment of incidental expenses arising in connection with a debenture.”,


(b) by the insertion of the following after subsection (2):

“(3) The reference to principal and the reference to interest in subsection (1) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal and the actual interest, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal or the actual interest, as may be appropriate.”.