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American Grant Counterpart Special Account.
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the expression “the Agreement” means the Economic Co-operation Agreement between Ireland and the United States of America dated the 28th day of June, 1948;
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the expression “grant assistance” means the assistance on a grant basis referred to in the Agreement;
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the expression “the American Government” means the Government of the United States of America;
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the expression “the Special Account” means the American Grant Counterpart Special Account established by the Minister for Finance before the passing of this Act in the Central Bank of Ireland pursuant to Article IV of the Agreement.
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(2) The establishment of the Special Account is hereby confirmed.
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(3) There shall be paid into the Special Account the equivalent in Irish currency of any grant assistance furnished by the American Government.
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(4) There shall be paid out of the Special Account to the American Government the amounts required by the Agreement to be made available to that Government out of the Special Account.
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(5) There shall be paid out of the Special Account into the Exchequer the amounts required to defray expenditure on such purposes as may be agreed from time to time with the American Government.
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(6) An account of the Special Account shall be prepared for each financial year and shall be audited by the Comptroller and Auditor General and laid before each House of the Oireachtas.
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(7) For the purposes of subsections (3), (4) and (6) of this section, this Act shall be treated in relation to the Special Account as if it had been passed before the establishment thereof and transactions in connection with the Special Account which took place before the passing of this Act shall be dealt with accordingly.
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