Heritage Fund Act, 2001
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PART 2 The Fund | ||
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The Fund. |
3.—(1) On the coming into operation of this section there shall stand established a fund which shall be known as the Heritage Fund and is in this Act referred to as “the Fund”. | |
(2) The Fund shall consist of such accounts as the Minister for Finance shall, after consultation with the Minister, determine. | ||
(3) As soon as may be, but not later than 3 months, after the end of the financial year 2001 and each subsequent financial year, the Minister shall— | ||
(a) prepare, in the Irish language and the English language, the accounts of the Fund, and | ||
(b) submit those accounts in those languages, to the Comptroller and Auditor General for audit, | ||
and the Minister shall cause a copy of an abstract in those languages of the accounts as so audited together with a copy of the report of the Comptroller and Auditor General thereon to be laid before each House of the Oireachtas not later than 3 months after receipt by the Minister of that report. | ||
(4) Without prejudice to the functions conferred on the Minister by this Act, the Minister for Finance shall manage the Fund. | ||
(5) Moneys standing to the credit of the Fund that are not, for the time being, required for the purpose of making payments out of the Fund under section 7 shall be invested by the Minister for Finance— | ||
(a) in such securities (other than shares in a company) as he or she considers appropriate, or | ||
(b) by deposit of the moneys in a credit institution, | ||
in the currency of the State, whether within the State or not. | ||
(6) The Minister for Finance may from time to time at his or her discretion vary or sell any investments made by him or her under subsection (5). | ||
(7) All income received by the Minister for Finance on investments made by him or her under subsection (5) or (6) and the proceeds of the sale of any such investments shall be paid into the Fund. | ||
(8) In this section— | ||
“company” means a company— | ||
(a) within the meaning of the Companies Acts, 1963 to 2001, or | ||
(b) incorporated under the law of a place other than the State; | ||
“credit institution” has the same meaning as it has in the European Communities (Consolidated Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 396 of 1992 ). |