GUARANTEES (TRANSPORT) (AMENDMENT) ACT, 1965

Principal Act.

Principal Act.

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1.—In this Act “the Principal Act” means the State Guarantees (Transport) Act, 1962.

Amendment of section 2 of Principal Act.

Amendment of section 2 of Principal Act.

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2.—(1) In subsection (1) of section 2 of the Principal Act “moneys” shall be deemed to include and always to have included moneys in a currency other than the currency of the State.

(2) In relation to a guarantee, by virtue of the amendment effected by subsection (1) of this section, in moneys in a currency other than the currency of the State, each of the references to principal in subsection (2) of section 2 of the Principal Act shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of the giving of the guarantee.

(3) Where—

(a) the equivalent in currency of the State of other currency is being calculated pursuant to subsection (2) of this section, and

(b) the currencies having, at the time specified in that subsection, par values established under Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency,

the reference in that subsection to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values.

Short title and collective citation.

Short title and collective citation.

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3.—(1) This Act may be cited as the State Guarantees (Transport) (Amendment) Act, 1965.

(2) The Principal Act and this Act may be cited together as the State Guarantees (Transport) Acts, 1962 and 1965.