State Guarantees (Amendment) Act, 1964
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No. 36/1964: STATE GUARANTEES (AMENDMENT) ACT, 1964 |
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ARRANGEMENT OF SECTIONS |
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AN ACT TO AMEND AND EXTEND THE STATE GUARANTEES ACT, 1954 . |
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[22nd December, 1964.] |
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BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— |
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| Principal Act. |
1.—In this Act "the Principal Act" means the State Guarantees Act, 1954 . |
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| Amendment of section 2 of Principal Act. |
2.—Subsection (1) of section 2 of the Principal Act is hereby amended by the insertion after " in such form and manner " of "and in such moneys (including moneys in a currency other than the currency of the State)". |
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| Amendment of sections 3, 5 and 6 of Principal Act. |
3.—(1) In relation to a guarantee, by virtue of the amendment effected by section 2 of this Act, in moneys in a currency other than the currency of the State— |
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( a ) each of the references to principal in section 3 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, |
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( b ) each of the references to moneys in section 5 and subsection (1) of section 6 of the Principal Act shall be taken as referring to the cost in currency of the State of the actual moneys. |
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(2) Where— |
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( a ) the equivalent in currency of the State of other currency is being calculated pursuant to paragraph (a) of the foregoing subsection, and |
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( b ) the currencies having, at the time specified in that paragraph, par values established under the Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency, |
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the reference in that paragraph to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values. |
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| Amendment of Schedule to Principal Act. |
4.—The Schedule to the Principal Act is hereby amended by the substitution, for the reference to £5,000,000 which was inserted in the third column in respect of Aer Lingus, Teoranta by the State Guarantees Act, 1954 (Amendment of Schedule) (No. 2) Order, 1964, of a reference to £6,000,000. |
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| Short title and collective citation. |
5.—(1) This Act may be cited as the State Guarantees (Amendment) Act, 1964 . |
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(2) the Principal Act and this Act may be cited together as the State Guarantees Acts, 1954 and 1964. |
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