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Dáil Éireann debate -
Thursday, 17 Jul 1969

Vol. 241 No. 6

Committee on Finance. - Air Companies (Amendment) Bill, 1969: Report and Final Stages.

Would I be in order in indicating both amendments as they are related to each other?

Take both amendments together?

I think that would be better since they are closely related.

Would the Deputy move the amendment?

I move:

In page 2, section 2, line 21, to delete the word "ten" and substitute the word "fifteen".

If this amendment is accepted, in consequence I propose the deletion of section 3. The purpose of this is simply to approach what I had in mind in another way.

If the Deputy's amendment would impose a charge the Deputy would not be in order.

I do not think it necessarily imposes any charge. It gives the Minister power to issue shares of any class on terms that he may decide. It would be open to him under the amendment to issue if he wishes all the shares as ordinary shares which would involve no interest or could issue them all as preference shares.

No. The company will issue the shares and the Minister will take them up.

Sorry. Thank you very much, Deputy. It will be open to the Minister to arrange with the company for the issue of shares with or without payment of interest to him. It does not necessarily impose any charge as against the present arrangement proposed in the Bill.

If the Minister considers that this does not impose a potential charge the amendment is in order. If it does indicate a potential charge the amendment would not be in order.

I do not want to be technical about it but surely the Deputy is returning to the same course. He is just coming in by the back door now but he is back at the same debate again.

I do not want to waste time but just to put this amendment to the Minister as an alternative method. I do not want to detain the House by a lengthy argument going over the same ground again. I think the amendment is in order because it provides that the Minister may subscribe to the shares; it does not require him to do so. If he does subscribe he can decide what kind of shares he subscribes to. It could not, therefore, impose any additional charge over and above the existing procedure. I suggest that this would give the Minister power to act effectively and it would avoid the introduction of this new and anomalous proposal in section 3.

I think that the more courses we adopt, the more flexible we are and the more devices we have, the better it is for the State vis-á-vis State companies and the financial world into which we are moving with this sort of industry. I think we should keep it this way.

The Minister is certainly being consistent.

I am glad Deputy O'Donovan takes such a charitable view. I thought the Minister was being inconsistent.

This Government certainly believe in courses and many of them.

Of course. That is what this is all about.

Amendment, by leave, withdrawn.
Bill received for final consideration and passed.

This Bill is a certified Money Bill in accordance with Article 22 of the Constitution.

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