Irish Aviation Authority Act 1993

Borrowing by company and subsidiaries.

26

26. (1) ( a) Subject to the consent of the Minister and the Minister for Finance, the company or a subsidiary may, whether 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.

( b) The aggregate at any one time of borrowings under paragraph (a) shall not exceed £100 million.

(2) The 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 shall not exceed such amount as may stand approved for the time being by the Minister and the Minister for Finance.

(3) 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 at the rate of exchange prevailing at the time of the borrowing for that currency and the currency of the State.

Annotations

Modifications (not altering text):

C18

Certain functions transferred to Minister for Public Expenditure and Reform (6.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), s. 9(2) and sch. 2 part 1, S.I. No. 401 of 2011.

Transfer of certain other functions to Minister.

9.— ...

(2) The functions conferred on the Minister for Finance by or under any of the provisions specified in Part 1 of Schedule 2 are transferred to the Minister.

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SCHEDULE 2

Functions Transferred To Minister

PART I

Functions performable with consent of Minister for Finance STATUTES

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No. 29 of 1993

Irish Aviation Authority Act 1993

Section 26

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