Postal and Telecommunications Services Act, 1983

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Repayment of certain advances under Telecommunications Capital Acts, 1924 to 1981.

100.—(1) Notwithstanding anything in the Telecommunications Capital Acts, 1924 to 1981, the company shall become liable on the vesting day to pay to the Minister for Finance the amount by which sums issued by him under those Acts which have not been repaid before that day exceed the sum of £355,000,000 plus the amount of the outstanding liability of the Minister to Irish Telecommunications Investments Limited immediately before the vesting day, together with the interest on that amount at such rate or rates as he, after consultation with the Minister and the company, may appoint.

(2) The company shall pay to the Minister for Finance the moneys due under subsection (1) at such times and in such instalments as he, after consultation with the Minister and the company, may appoint.

(3) (a) If the company fails to make a payment as required under subsection (2), the company shall remain liable to the Minister for Finance in respect of the unpaid amount and interest on the unpaid amount at such rate or rates as he may appoint shall become payable immediately by the company.

(b) Interest due under paragraph (a) together with the unpaid amount shall be a debt due to the Minister for Finance and, without prejudice to any other method of recovery, shall be recoverable by him as a simple contract debt in any court of competent jurisdiction.

(4) All moneys paid by the company to the Minister for Finance under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as he may direct.