MANUFACTURE (AMENDMENT) ACT, 1982

Definitions.

Definitions.

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1.—In this Act—

“the Act of 1962” means the Sugar Manufacture (Amendment) Act, 1962;

“the Act of 1973” means the Sugar Manufacture (Amendment) Act, 1973.

Amendment of section 2 of Act of 1962.

Amendment of section 2 of Act of 1962.

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2.—Section 2 of the Act of 1962 is hereby amended by the substitution of “seventy-five million pounds divided into seventy-five million shares” for “ten million pounds divided into ten million shares” (inserted by the Act of 1973), and the said section, as so amended, is set out in the Table to this section.

TABLE

2.—Notwithstanding anything to the contrary contained in the Principal Act, or the Memorandum or Articles of Association of the Company, it shall be lawful for the Company to increase its share capital to a total of seventy-five million pounds divided into seventy-five million shares of one pound each and for that purpose to make such alterations as may be requisite in the Memorandum and Articles of Association.

Amendment of section 3 of Act of 1962.

Amendment of section 3 of Act of 1962.

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3.—Section 3 of the Act of 1962 is hereby amended by the substitution of “seventy-five million pounds” for “eight million five hundred thousand pounds” (inserted by the Act of 1973), and the said section, as so amended, is set out in the Table to this section.

TABLE

3.—The Minister may from time to time acquire by subscription or purchase any class or classes of shares of the Company or an approved subsidiary company, but the total amount of shares standing so acquired at any one time shall not exceed (in nominal value) seventy-five million pounds.

Amendment of section 7 of Act of 1962.

Amendment of section 7 of Act of 1962.

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4.—Section 7 of the Act of 1962 is hereby amended by the substitution of “seventy-five million pounds” for “ten million pounds” (inserted by the Act of 1973), and the said section, as so amended, is set out in the Table to this section.

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7.—The aggregate at any one time of—

(a) advances under section 4 of this Act which have not been repaid,

(b) principal which the Minister is liable to repay on foot of any guarantee or guarantees under section 5 of this Act, and

(c) principal which the Minister has previously paid on any such guarantee or guarantees and which has not been repaid by the Company or the approved subsidiary company (as the case may be),

shall not exceed seventy-five million pounds.

Short title, collective citation and construction.

Short title, collective citation and construction.

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5.—(1) This Act may be cited as the Sugar Manufacture (Amendment Act, 1982.

(2) The Sugar Manufacture Acts, 1933 to 1973, and this Act may be cited together as the Sugar Manufacture Acts, 1933 to 1982, and shall be construed together as one Act.