STEEL LIMITED (AMENDMENT) ACT, 1984

Interpretation and construction.

Interpretation and construction.

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1.—(1) In this Act—

“the Act of 1982” means the Irish Steel Holdings Limited (Amendment) Act, 1982;

“the Principal Act” means the Irish Steel Holdings Limited Act, 1960.

(2) This Act shall be construed as one with the Principal Act.

Amendment of section 2 of Principal Act.

Amendment of section 2 of Principal Act.

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2.— Section 2 of the Principal Act (which provides that the share capital of the Company shall be £50,000,000) is hereby amended by the substitution of “£120,000,000” for “£50,000,000” (inserted by the Act of 1982), and section 2 of the Principal Act, as so amended, is set out in the Table to this section.

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2.—Notwithstanding anything contained in the Companies Acts or in the memorandum or articles of association of the Company, the share capital of the Company shall be £120,000,000 divided into shares of one pound each and the Company shall have power, with the consent of the Minister for Finance, to divide the shares in the capital of the Company into several classes and to attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions.

Amendment of section 3 of Principal Act.

Amendment of section 3 of Principal Act.

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3.— Section 3 (1) of the Principal Act (which imposes a limit of £50,000,000 on the acquisition of shares of the Company by the Minister for Finance) is hereby amended by the substitution of “£120,000,000” for “£50,000,000” (inserted by the Act of 1982), and section 3 (1) of the Principal Act, as so amended, is set out in the Table to this section.

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3.—(1) The Minister for Finance may, after consultation with the Minister, from time to time, take up by subscription or purchase from the holder shares of the Company of any class or classes to an amount not exceeding in the aggregate £120,000,000 including any sum expended before the passing of this Act on such purchases from moneys provided by the Oireachtas.

Short title and collective citation.

Short title and collective citation.

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4.—(1) This Act may be cited as the Irish Steel Limited (Amendment) Act, 1984.

(2) The Irish Steel Limited Acts, 1960 to 1983, and this Act may be cited together as the Irish Steel Limited Acts, 1960 to 1984.