Limerick Harbour Tramways Act, 1931
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Reserve fund. |
49.—(1) Notwithstanding anything contained in any existing Act or Order the Commissioners may from time to time retain out of their annual income or out of any available funds in their possession at the date of the passing of this Act and apply to the formation of a reserve fund for contingencies such sums as they with the consent of the Minister consider proper, and any sums so retained and applied shall, for the purposes of section 19 of the Limerick Harbour Act, 1926 , be deemed to be part of their annual expenditure. | |
(2) Any reserve fund for contingencies which the Commissioners have formed prior to the passing of this Act shall, to such amount thereof as the Minister may approve (which approval he is hereby authorised to give) notwithstanding anything in any existing Act or Order be deemed to have been lawfully formed by the said Commissioners and any sums applied to the formation of such a reserve fund shall for the purposes of section 19 of the Limerick Harbour Act, 1926 , be deemed to be part of their annual expenditure. |