|
|
The General Fund of the Pigs and Bacon Commission, the Bacon (Price Stabilisation) Fund and the Pigs (Insurance) Fund.
|
16.—(1) The Commission shall keep and maintain and manage in accordance with this Part of this Act—
|
|
| |
(a) a fund (in this Act referred to as the General Fund) to be called and known as the General Fund of the Pigs and Bacon Commission; and
|
|
| |
(b) a fund (in this Act referred to as the Stabilisation Fund) to be called and known as the Bacon (Price Stabilisation) Fund; and
|
|
| |
(c) a fund (in this Act referred to as the Insurance Fund) to be called and known as the Pigs (Insurance) Fund.
|
|
| |
(2) The following provisions shall apply and have effect in relation to each fund kept by the Commission in pursuance of this section—
|
|
| |
(a) there shall be paid into such fund all moneys received by the Commission which are required by this Act to be paid into such fund;
|
|
| |
(b) there shall be paid out of such fund all moneys which the Commission are required by this Act to pay out of such fund, and no other moneys;
|
|
| |
(c) the Commission may, for the purpose of meeting charges required by this Act to be paid out of such fund, borrow on the security of such fund to such extent as may be sanctioned by the Minister;
|
|
| |
(d) so much of such fund as in the opinion of the Commission is for the time being not immediately required for the payment of sums payable out of such fund under this Act shall be invested by the Commission in authorised Irish securities;
|
|
| |
(e) the Commission may from time to time at their discretion vary or transpose any moneys (being part of such fund) invested under this sub-section into other investments authorised under this section, and may at any time sell and convert into money all or any investments made by them under this sub-section;
|
|
| |
(f) all dividends and interest received by the Commission on investments (being part of such fund) made by them under this sub-section or in respect of the sale of any such investments shall be paid into such fund.
|
|
| |
(3) For the purposes of sub-section (2) of this section each of the following shall be an authorised Irish security, that is to say:—
|
|
| |
(a) any security charged on the Central Fund;
|
|
| |
(b) any security the interest of which is guaranteed by the Minister for Finance;
|
|
| |
(c) the stock of the Bank of Ireland;
|
|
| |
(d) any stock, issued or to be issued by a local authority in the State, which is a security in which trustees are by the law for the time being in force authorised to invest trust funds.
|
