This section gives the Minister an opportunity of clarifying a little further one cause of the worries some of us expressed a few moments ago on Second Stage. This section provides that the Minister for Finance may not take up by subscription shares to an amount exceeding £100. Is that the authorised maximum capital of the company? That is not stated anywhere and because of that, when one comes to section 9, one does not know what to make of it. Is section 9 merely saying that the issue of shares, which again is being tied up by the consent of two Ministers, is limited to that £100 or can it be any amount of money? That was a cause of worry to many of us on Second Reading.
Irish Telecommunications Investments Limited Bill, 1981: Committee and Final Stages.
I can clarify that for the Senator. The company are defined in the definition section as Irish Telecommunications Investments Limited and the capital is £100 divided by 100 shares at £1 each. Again the confusion has risen because we are doing here something that possibly might have been done the first day.
This section provides explicitly for a guarantee of the repayment of the principal of any moneys borrowed. Can that be taken without question to cover leasing arrangements? The explanatory memorandum in paragraph 2 says that the primary purpose of the Bill is to provide for guarantee by the Minister for Finance of approved borrowing and leasing by the company. Perhaps the Minister could reassure us on this technical point.
If Senator Whitaker looks at section 7 he will see that the worry he has is covered in that section.