Electricity (Supply) Act, 1927
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Charges on Shannon works. |
16.—(1) Every sum advanced to the Board out of the Central Fund under this Act and all interest and every half-yearly payment payable by the Board under this Act on or in respect of such sum and all interest payable by the Board under this Act on any such interest or half-yearly payment shall become and be— | |
(a) a first charge on the Shannon works or the different portions thereof immediately upon such works or the different portions thereof (as the case may be) being handed over to the Board by the Minister under this Act, and | ||
(b) a first floating charge on all property of whatsoever nature or kind (other than the Shannon works) from time to time vested in or owned by the Board, but such floating charge shall not operate to prevent or restrict the alienation or other dealing by the Board of or with any of such property in the due and proper exercise of the powers or performance of the duties conferred or imposed on the Board by this or any future Act. | ||
(2) Immediately upon the Board becoming liable under this Act for the repayment of the whole or a proportionate part (as the case may be) of the sums advanced out of the Central Fund under the Shannon Electricity Act, 1925 (No. 26 of 1925) to the separate fund established for that purpose under section 11 of that Act, such sums or such proportionate part (as the case may be) and all interest and every half-yearly payment payable on or in respect thereof by the Board under this Act and all interest payable by the Board under this Act on any such interest or half-yearly payment shall become and be— | ||
(a) a charge (second only to the charge created by the foregoing sub-section) on the Shannon works or the different portions thereof immediately upon such works or the different portions thereof (as the case may be) being handed over to the Board by the Minister under this Act, and | ||
(b) a floating charge (second only to the floating charge created by the foregoing sub-section) on all property of whatsoever nature or kind (other than the Shannon works) from time to time vested in or owned by the Board, but such floating charge shall not operate to prevent or restrict the alienation or other dealing by the Board of or with any of such property in the due and proper exercise of the powers or performance of the duties conferred or imposed on the Board by this or any future Act. | ||
(3) The several charges (including floating charges) created by this section shall be vested in the Minister for Finance and may be enforced by that Minister in due form of law whenever he shall think proper so to do and whether any interest or half-yearly payment secured by such charge is or is not due and unpaid and all moneys recovered by virtue of any such charge shall be paid into the Exchequer in such manner as the said Minister shall direct. |