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Postal and Telecommunications Services Act 1983
Power to borrow.
27.—(1) (a) Each 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 but, where a borrowing is not from the Minister for Finance, it shall require the consent of the Minister F23[, the Minister for Public Expenditure and Reform] and the Minister for Finance.
(b) The aggregate at any one time of borrowings by the postal company under paragraph (a) shall not exceed £58,500,000.
(c) F24[…]
(d) 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) Each 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 borrowing shall not exceed such amount as has been approved by the Minister with the consent of the Minister for Finance F23[and the Minister for Public Expenditure and Reform].
(3) (a) Without prejudice to section 2 (6), references in subsections (1) and (2) to either company include references to a subsidiary (within the meaning of section 155 of the Companies Act, 1963) of that company.
(b) Where either company and a subsidiary thereof have at any one time borrowings under this section, the limits on borrowings provided for apply to the aggregate at any one time of borrowings by the company concerned and the subsidiary and, in the case of subsections (1) (c) and (2), borrowings before the vesting day by Irish Telecommunications Investments Limited.
Annotations
Amendments:
F22
Repealed (9.04.1999) by Postal and Telecommunications Services (Amendment) Act 1999 (5/1999), s. 3(1) and sch. 1, S.I. No. 87 of 1999, in operation as per art. 3.
F23
Inserted (6.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), s. 64(4)(a), (b), in operation as per s. 1(2) and S.I. No. 401 of 2011.
F24
Repealed (9.04.1999) by Postal and Telecommunications Services (Amendment) Act 1999 (5/1999), s. 3(1) and sch. 1, S.I. No. 87 of 1999, art. 3.
Modifications (not altering text):
C25
Application of section restricted in so far as it applies to the company (9.04.1999) by Postal and Telecommunications Services (Amendment) Act 1999 (5/1999), s. 3(2) and sch. 2, S.I. No. 87 of 1999, art. 3.
Repeals
3.— ...
(2) The enactments mentioned in column (2) of the Second Schedule are hereby repealed to the extent mentioned in column (3) of that Schedule in so far as they apply to the company.
...
SECOND SCHEDULE
Section 3(2).
|
Number and Year |
Short Title of Act |
Extent of Repeal |
|
(1) |
(2) |
(3) |
|
No. 24 of 1983. |
Postal and Telecommunications Services Act, 1983. |
Section 8(2). Section 10(2). Section 11. Section 19(3). Section 22. Section 24. Section 27. Section 28. Section 30. Section 32. Section 33. Section 37. Section 38. Section 39(3). Section 46(1), (2), (3), (6), (7), (9) and (11). Section 51. |