Electricity (Supply) (Amendment) (No. 2) Act, 1934
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Charge on scheduled works. |
15.—(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 scheduled works, and | ||
(b) a charge on the Shannon works puisne only to the charges thereon created by section 16 of the Principal Act, and | ||
(c) a floating charge (puisne only to the floating charges created by section 16 of the Principal Act) on all property of whatsoever nature or kind (other than the Shannon works or the scheduled works) from time to time vested in or owned by the Board, but the floating charge hereby created 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 law or which may hereafter be conferred or imposed on the Board. | ||
(2) The 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. |