Minerals Exploration and Development Company Act, 1941

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Loan to Company to pay expenses of formation.

9.—(1) The Minister may, out of moneys provided by the Oireachtas, lend to the Company, upon such terms and conditions as to time and manner of repayment, rate of interest, security, and other matters whatsoever as he shall think proper, a sum not exceeding two hundred and fifty pounds.

(2) Money lent to the Company under this section shall be applied by the Company in or towards paying the expenses of the promotion, formation, and registration of the Company and the other preliminary expenses of the Company and for no other purpose.

(3) All sums paid to the Minister by the Company in or towards repayment of money lent to the Company under this section or in payment of the interest on such money shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

(4) The subsequent provisions of this Act in relation to the advancement of moneys to the Company and the repayment of such advances and the interest thereon shall not apply to money lent to the Company under this section.