National Cultural Institutions Act, 1997
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Provisions relating to indemnities. |
44.—(1) The aggregate amount of liability at any time of the Minister in respect of any undertakings given under section 43 (1) shall not exceed £150,000,000. | |
(2) (a) Subject to paragraph (b) the Minister shall not give an undertaking under section 43 (1) unless the value or, as the case may be, the aggregate value of a cultural object or objects exceeds £1,000,000. | ||
(b) Paragraph (a) shall not apply to a cultural object lent by the Ulster Museum, the Ulster Folk and Transport Museum, the Public Record Office of Northern Ireland or such other institutions in Northern Ireland as may be designated by order by the Minister or to a cultural object forming part of an exhibition approved by the Minister for Foreign Affairs and the Minister organised by a cultural institution outside the State. | ||
(3) Where at any time the giving of a particular undertaking or undertakings, as the case may be, would cause the aggregate amount of liability at any time of the Minister to exceed the amount standing specified for the time being in subsection (1), if the Minister considers it appropriate to do so, he or she may, with the consent of the Minister for Finance, by order vary the amount standing specified by substituting an amount that is larger than the amount standing specified for the time being and, if the Minister does so, he or she shall also provide in the order that the variation shall cease to have effect on and after such date as may be so specified in the order. | ||
(4) (a) The Minister may by order vary the amount standing specified for the time being in subsection (1) by reference to any increases in the values generally of cultural objects, such increases being determined by the Minister in such manner as he or she considers appropriate, and subsection (1) shall have effect in accordance with the provisions of any order under this subsection for the time being in force. | ||
(b) Without prejudice to the generality of paragraph (a), in making a determination under that paragraph the Minister shall have regard to the value of cultural objects sold at such auctions in the United States of America, France and the United Kingdom of Great Britain and Northern Ireland as the Minister considers appropriate and shall also have regard to any relevant art sale indexes. | ||
(5) Any amount required to meet a liability incurred by the Minister under this section shall be advanced out of the Central Fund or the growing produce thereof and shall be repaid to the Central Fund out of moneys provided by the Oireachtas. | ||
(6) For the purpose of providing money for any advance under this section the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the moneys so borrowed into the Exchequer. | ||
(7) The principal of or any interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof. | ||
(8) All moneys received by the Minister in pursuance of an undertaking given under this section shall be collected and taken in such manner as the Minister for Finance may direct and shall be paid into or disposed of for the benefit of the Exchequer in accordance with the directions of the Minister for Finance. | ||
(9) The Minister may by order revoke or amend an order under this section (including an order under this subsection). | ||
(10) Where an order under subsection (3) is proposed to be made, a draft of the order shall be laid before each House of the Oireachtas and the order shall not be made until a resolution approving of the draft has been passed by each such House. |