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Borrowing powers.
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13.—(1) (a) On and after the appointed day, it shall be lawful for the Minister from time to time to make advances to the Corporation and for the Corporation to borrow from the Minister out of moneys provided by the Oireachtas such sums as the Corporation may require for the purposes of its business, upon such terms as to repayment as the Minister in his discretion may determine, but so that the total amount owing on foot of such advances at any one time shall not in the aggregate exceed two hundred and fifty thousand pounds.
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(b) The Corporation shall pay to the Minister on every sum advanced to the Corporation under this subsection from the date of the advance of such sum until such sum has been repaid, interest at such rate (not being less than the rate payable, at the date of the advance, on advances from the Central Fund to the Local Loans Fund) and on such date or dates as shall from time to time be appointed by the Minister in that behalf.
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(c) All moneys paid to the Minister by the Corporation in respect of repayment of advances made under the provisions of this subsection or of interest on such advances shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister may direct.
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(2) It shall be lawful for the Corporation with the approval of the Minister to borrow at any time or times by way of overdraft or other temporary advance from any Bank or other credit institution such sums as the Corporation may require either (as may be specified in the approval) for the purposes of its business generally or for a particular purpose, but so that the total amount owing on foot of such overdrafts or other temporary advances at any one time shall not in the aggregate exceed two hundred and fifty thousand pounds.
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