Electricity (Supply) Act, 1927
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Advances from the Central Fund to the Board. |
12.—(1) The Minister for Finance shall, subject to the limitations imposed by this section, advance out of the Central Fund or the growing produce thereof to the Board as and when requested so to do by the Board all such sums as the Board shall from time to time, but not later than the appointed day request the said Minister to advance to it. | |
(2) The total amount of the sums advanced to the Board under this section to meet the liability of the Board under this Act in respect of interest and arrears of interest on sums advanced out of the Central Fund under the Shannon Electricity Act, 1925 (No. 26 of 1925) to the separate fund established under section 11 of that Act and the expenses incurred by the Board in the operation, maintenance, and repair of the Shannon works under this Act shall not exceed such sum as with the said sums advanced whether before or after the passing of this Act to the said separate fund out of the Central Fund under section 11 of the Shannon Electricity Act 1925 (No. 26 of 1925) amounts to the sum of five millions, two hundred and ten thousand pounds, and, subject to that limitation shall not exceed the sum of six hundred thousand pounds, and the total amount of the sums so advanced in any one half-year to meet the said liability and expenses shall not exceed the sum of one hundred and fifty thousand pounds. | ||
(3) The total amount of the sums advanced to the Board under this section for any purpose other than to meet the liability and expenses mentioned in the foregoing sub-section shall not exceed the sum of two millions, five hundred thousand pounds, and the total amount of the sums so advanced in any one half-year except in the half-year ending on the appointed day for any purpose other than as aforesaid shall not exceed the sum of four hundred thousand pounds. | ||
(4) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, or for the repayment to that Fund of all or any part of the sums so advanced, or for paying off any securities issued under this section so far as such payment is not otherwise provided for, borrow money by means of the issue of such securities as he thinks proper, and all sums so borrowed shall be paid into the Exchequer. | ||
(5) The principal of and interest on all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof. | ||
(6) The sums to be advanced under this section shall be advanced by the Minister for Finance, and shall be expended by the Board solely for the purpose of the exercise and performance of the powers and functions conferred on the Board by this Act. | ||
(7) In this section the expression “the appointed day” means the 31st day of December, 1932 or such later date as the Minister, after consultation with the Board, may by order made under this section appoint. | ||
(8) The Minister may by order made with the consent of the Minister for Finance before the 31st day of December, 1932 appoint such date subsequent to the said 31st day of December, 1932 as with the consent aforesaid he thinks proper to be the appointed day. | ||
Every order made under this sub-section shall be laid before each House of the Oireachtas as soon as may be after it is made, and if either such House shall, within one month after the first day on which such House sits after such order is laid before it, pass a resolution annulling such order, such order shall be annulled accordingly without prejudice to the validity of anything previously done thereunder. |