Electricity (Supply) (Amendment) Act, 1930
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Amendment of section 15 of the Principal Act. |
7.— Section 15 of the Principal Act as amended by the Act of 1929 shall be construed and have effect and be deemed to have had effect as on and from the 25th day of March, 1929, as if— | |
(a) the words“at the time when such interest commences to run” contained in sub-section (3) thereof were omitted from that sub-section; and | ||
(b) sub-section (6) thereof were omitted therefrom and the following sub-section were inserted therein in lieu of the said sub-section (6), that is to say:— | ||
“(6) All interest due on the said advances or any part thereof at the time when the Board becomes liable under this section for the repayment of the said advances or such part thereof shall be paid to the Minister for Finance within the period of six months or such longer period as the said Minister shall in any particular case direct after the time at which the Board so becomes liable for such repayment, and, if the Board fails to pay any such interest within such period, the Board shall pay to the said Minister interest at the rate appointed by the said Minister on such interest so due from the expiration of such period until the same is paid;” and | ||
(c) the following two sub-sections were added thereto, that is to say:— | ||
“(10) The Minister for Finance may, after con sultation with the Minister for Industry and Com merce, vary any sum previously fixed by him under sub-section (2) of this section as a proportionate part of the said advances and the interest thereon for the repayment of which the Board is to become liable under that sub-section, but no such variation shall be made in respect of any such sum after the date fixed under sub-section (4) of this section for the commencement of the half-yearly payments in respect of such sum, and whenever the Minister for Finance makes any such variation under this sub-section he shall make such adjustments of payments made or to be made by the Board under sub-sections (3) and (6) of this section as he shall think just and equitable in consequence of such variation. | ||
(11) The Minister for Finance may from time to time vary the rate at which any interest payable under this section is to be paid.” |