No. 29/1991:

B & I LINE ACT, 1991

ARRANGEMENT OF SECTIONS

Section

1. Definitions.

2. Purchase of additional shares of B & I Line by Minister for Finance.

3. Discharge by Minister for Finance of liability in respect of certain borrowings of Company.

4. Indemnification by Minister for Finance of Company against certain liabilities.

5. Provision of moneys out of Central Fund for payments under or by virtue of Act.

6. Rights of employees.

7. Amendment of Worker Participation (State Enterprises) Acts, 1977 and 1988.

8. Repeals.

9. Expenses.

10. Short title.

SCHEDULE

ENACTMENTS REPEALED

ACT REFERRED TO

Number 29 of 1991

B & I LINE ACT, 1991

AN ACT TO ENABLE THE MINISTER FOR FINANCE TO PURCHASE ADDITIONAL SHARES OF THE B & I LINE PUBLIC LIMITED COMPANY, TO DISCHARGE THE LIABILITY OF THAT COMPANY IN RESPECT OF CERTAIN OF ITS BORROWINGS AND TO INDEMNIFY IT AGAINST CERTAIN OTHER LIABILITIES AND TO PROVIDE FOR CONNECTED MATTERS.

[20th December, 1991]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Act of 1965" means the British & Irish Steam Packet Company Limited (Acquisition) Act, 1965 ;

"the Act of 1971" means the British & Irish Steam Packet Company Limited (Acquisition) (Amendment) Act, 1971 ;

"the Company" means B & I Line public limited company;

"the Minister" means the Minister for Tourism, Transport and Communications.

2.—Section 2 of the Act of 1971 is hereby amended by the substitution of "142,000,000 ordinary shares" for "one hundred and six million ordinary shares" (inserted by the B & I Line Act, 1990 ), and the said section 2, as so amended, is set out in the Table to this section.

TABLE

The Minister for Finance may purchase, in addition to the ordinary shares of the Company purchased by him under the agreement approved of by section 2 of the Principal Act, not more than 142,000,000 ordinary shares of the Company of £1 each.

3.—(1) The Minister for Finance may, after consultation with the Minister, enter into agreements with the lenders thereof for the payment by the Minister for Finance to such lenders in such money (including money in a foreign currency) and on such terms and conditions as to the manner, time of payment, release of security (if any), discharge of liability of the Company or otherwise as the Minister for Finance considers appropriate and are specified in the agreements, of amounts in respect of the principal of such moneys as stand borrowed and not repaid by the Company, not exceeding in total £30,000,000, together with an amount equal to the amount of the interest payable by the Company on such principal and any other sum that is or may become payable by the Company to the lenders in respect of such borrowings.

(2) If agreements such as are referred to in subsection (1) of this section are entered into, the Minister for Finance may pay to the lenders concerned such amounts as are specified in the said subsection (1) on the terms and conditions specified in the said agreements.

(3) Neither the entering into an agreement by the Minister for Finance under subsection (1) of this section nor the making by him of any payment under subsection (2) of this section shall impose any liability on the Company to the Minister for Finance in respect of the agreement or payment.

(4) The aggregate of the amounts paid by the Minister for Finance in respect of principal under subsection (2) of this section together with the amount expended by him in the purchase of additional shares of the Company by virtue of section 2 of this Act shall not exceed £36,000,000.

(5) For the purposes of calculating the amount of principal which may be paid by the Minister for Finance under agreements under subsection (1) of this section, the equivalent in the currency of the State of any part of the principal lent in a foreign currency shall be calculated at the exchange rate prevailing at the time of the entry into the agreement under the said subsection (1) relating to that part.

( 6 ) ( a ) The Minister for Finance may direct the National Treasury Management Agency to perform on his behalf the functions conferred on him by subsection (2) of this section and whenever a direction under this paragraph is in force, the National Treasury Management Agency Act, 1990 , (other than paragraphs (a) and (c) of section 5 (3)) shall apply and have effect in relation to the functions concerned as if they had been delegated to the said Agency thereunder.

( b ) Whenever a direction under paragraph (a) of this subsection is in force, the Minister for Finance may direct the National Treasury Management Agency to cease performing on his behalf the functions concerned.

( c ) The National Treasury Management Agency shall comply with a direction under this subsection.

4.—The Minister for Finance may, on such terms and conditions as he considers appropriate, indemnify the Company against liabilities incurred by it before the sale or other disposal by him of any shares of the Company under section 4 of the Act of 1965 or section 4 of the Act of 1971.

5.—(1) All moneys required by the Minister for Finance to meet amounts payable by him under or by virtue of this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2) Any advances out of the Central Fund or the growing produce thereof for the purposes of section 4 of this Act shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

6.—(1) If the Minister disposes of the shares of the Company held by him, every person who immediately before the disposal date of the shares was an employee of the Company, shall, on the disposal date, enjoy the same rights (including benefits under a pension scheme of the Company) and be subject to the same obligations as he enjoyed and was subject to immediately before the disposal date.

(2) In this section (except where the context otherwise requires)—

"Company" includes any subsidiary (within the meaning of the Companies Act, 1963 (No. 33 of 1963)) of the Company;

"disposal date", in relation to the shares referred to in subsection (1) of this section, means the day on which the shares are sold or otherwise disposed of by the Minister or, if the shares are so sold or otherwise disposed of on more than one day, the latest such day;

"pension scheme of the Company" means a scheme, arrangement or fund established in connection with the business of the Company for the provision of benefits, namely, pensions, annuities, lump sums, gratuities or other like payments, on retirement or resignation or on death (whether before or after retirement or resignation) for employees of the Company or their dependants.

7.—(1) Notwithstanding any provision of the Worker Participation (State Enterprises) Acts, 1977 and 1988, the said Acts shall not apply to the Company and accordingly the directors of the Company appointed under section 15 of the Worker Participation (State Enterprises) Act, 1977 , shall cease to hold office.

(2) This section shall come into operation on such day as the Minister may by order appoint.

8.—(1) Subject to subsections (2) and (3) of this section, each enactment specified in the second column of the Schedule to this Act is hereby repealed to the extent specified in the third column of the said Schedule.

(2) Notwithstanding subsection (1) of this section—

( a ) section 11 of the Act of 1965 shall remain in force as respects the balance sheet, profit and loss account and report of the directors of the Company for the accounting year immediately preceding the day on which the commencement of this section occurs, and

( b ) section 5 (4) of the Act of 1971 shall remain in force as respects the statement for the financial year referred to in the said section during which the commencement of this section occurs.

(3) This section shall come into operation on such day or days as the Minister may, by order or orders, fix and different days may be so fixed as respects Parts I and II of the Schedule to this Act.

9.—(1) The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

(2) The expenses incurred by the Minister for Finance in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

10.—This Act may be cited as the B & I Line Act, 1991 .

Section 8 (1).

SCHEDULE

ENACTMENTS REPEALED

PART I

PART II