In Committee on Finance. - Money Resolution—Agricultural Credit Bill, 1929.

I move:—

"Chun críche aon Achta a rith-far sa tSiosón so chun a údarú go méadófí caipital Chorparáid an Cháirde Thalmhaíochta, Teoranta, agus chun a údarú go ndéanfí iol-atharuithe ar Mhemorandum agus ar Airtiogail chomhlachais na Corparáide sin, chun socrú eile agus socrú níos fearr do dhéanamh chun an Chorparáid sin do thabhairt amach deimhnithe muirir, chun forálacha an Achta Cáirde Talmhaíochta, 1928, do chur i mbaint le talamh nea-chláruithe, chun socrú do dhéanamh i gcóir il-nithe eile a bhaineann leis an gCorparáid sin agus chun na hAchtanna Cáirde Talmhaíochta, 1927 agus 1928, do leasú chun na gcrícheanna san agus chun crích-eanna eile, go bhfuil sé oiriúnach a údarú go gcuirfí mar mhuirear ar an bPrímh-Chiste no ar a thora fáis—

(a) suim £5,000 le cur chun no mar chabhair chun íoctha na gcostas do bhain leis an gCor-poráid sin do chur ar aghaidh, do bhunú, agus do chlárú;

(b) aon íocaíochtaí is gá fén Acht san maidir le scaireanna de chuid na Corparáide sin;

(c) aon íocaíochtaí a déanfar fén Acht san leis an socruitheóir i gcríochnú gnótha na Corparáide sin;

(d) aon tsuimeanna is gá fén Acht san chun no mar chabhair chun dividenda ar scaireanna de chuid na Corparáide sin d'íoc; agus

(e) colann agus ús aon urrúsanna do tugadh amach chun iasacht d'fháil fén Acht san.

That, for the purpose of any Act of the present Session to authorise an increase in the capital of the Agricultural Credit Corporation, Limited, and to authorise the making of divers alterations in the Memorandum and Articles of Association of the said Corporation, to make further and better provision for the issue of Certificates of Charge by the said Corporation, to extend the provisions of the Agricultural Credit Act, 1928, to unregistered land, to make provision for divers other matters relating to or connected with the said Corporation, and for those and other purposes to amend the Agricultural Credit Acts, 1927 and 1928, it is expedient to authorise the charge upon the Central Fund or the growing produce thereof of—

(a) the sum of £5,000 to be applied for or towards the expenses of the promotion, formation and registration of the said Corporation;

(b) any payments required under such Act in respect of shares of the said Corporation;

(c) any payments made under such Act to the Liquidator in the winding-up of the said Corporation;

(d) any sums required under such Act for or towards the payment of dividends on shares of the said Corporation; and

(e) the principal and interest of any securities issued for the purpose of borrowing under such Act."

The new shares to the extent of 200,000 will be taken up by the banks. They have already agreed to do so, so that the maximum number which the Minister for Finance will be called on to take will be 300,000. It might be somewhat less. Consequently the maximum amount of money required for the new share capital will be £150,000. There is provision in the Bill for the payment of £5,000. It is estimated that the interest foregone as a result of the division of the shares into A and B will be about £45,000. That will be the principal expenditure under it, but, as a matter of fact, if the capital were not increased, the remaining 10/- per share would be called, and, consequently, the amount of money equal to the £150,000 now required would be necessary under existing legislation.

Motion put and agreed to.
Resolution ordered to be reported.
The Dáil went out of Committee.
Resolution reported.
The Dáil went into Committee.