Transport Act, 1974
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Borrowing by Board for capital purposes. |
2.—The following section is hereby substituted for section 5 of the Act of 1964: | |
“5. (1) The Board may from time to time borrow money, including money in a currency other than the currency of the State, to defray expenditure incurred by it that is properly chargeable to capital and is not prohibited by virtue of section 3 of this Act. | ||
(2) The aggregate at any one time of borrowings under this section which have not been repaid shall not exceed £55,000,000. | ||
(3) The Board shall not borrow money under this section (other than from the Minister for Finance) except with the prior consent of the Minister given with the approval of the Minister for Finance. | ||
(4) In relation to money borrowed under this section in a currency other than the currency of the State, the rate of exchange shall be the rate of exchange for the time being for that currency and the currency of the State.”. |