Harbours Act, 1996

Financing of capital works.

25.—(1) The Minister for Finance, after consultation with the Minister, may make available to a company moneys to finance capital works. The aggregate amount of moneys that may be made available to a company or companies under this section shall not exceed £50 million.

(2) Such moneys may be made available either—

(a) by way of loans to the company concerned on such terms as to repayment, interest and other matters as may be determined by the Minister for Finance after consultation with the company,

(b) by way of purchase of shares in the company concerned (such shares to be issued to the Minister), or

(c) by way of both such loans and purchase of shares.

(3) If a company fails to make a repayment of moneys lent to it under subsection (2), the company shall remain liable to the Minister for Finance in respect of the unpaid amount and that amount (with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to the Minister for Finance by the company at such times and in such instalments as he or she appoints and, in default of payment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by him or her from the company as a simple contract debt in any court of competent jurisdiction.