Electricity (Supply) Act, 1927
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Repayment of advances made under the Shannon Electricity Act, 1925 . |
15.—(1) If the whole of the Shannon works are handed over to the Board by the Minister under this Act at the one time, the Board shall immediately upon such handing over become liable to the Minister for Finance for the repayment of the whole of the sums (in this section called “the said advances”) advanced whether before or after such handing over out of the Central Fund under the Shannon Electricity Act, 1925 (No. 26 of 1925) to the separate fund established for that purpose under section 11 of that Act together with all interest due and unpaid on the said advances or any part thereof. | |
(2) If different portions of the Shannon works are handed over to the Board by the Minister under this Act at different times, the Board shall immediately upon the handing over of any such portion of the Shannon works become liable to the Minister for Finance for the repayment of a proportionate part (to be fixed by the Minister for Finance after consultation with the Minister for Industry and Commerce) of the said advances and of the interest then due and unpaid on the said advances or any part thereof. | ||
(3) The Board shall pay to the Minister for Finance interest on the several portions of the said advances as from the respective dates on which the Board becomes liable under this section for the repayment thereof until such liability is discharged under this section or otherwise, and such interest shall be so paid at such rate as the said Minister shall appoint at the time when such interest commences to run and shall be so paid by equal half-yearly payments on such days in every year as the said Minister shall from time to time appoint. | ||
(4) For the purpose of providing for the repayment by the Board of the said advances, the Board shall make to the Minister for Finance half-yearly payments commencing on such date, not being earlier than the 1st day of January, 1933 as the said Minister after consultation with the Minister for Industry and Commerce shall appoint and continuing for such number of years and being of such amounts and payable at such times as the said Minister after such consultation as aforesaid shall appoint, and different such dates, numbers of years, amounts, and times may be so appointed in respect of different portions of the said advances. | ||
(5) The several half-yearly payments to be made to the Minister for Finance by the Board under the foregoing sub-section shall be applied by the said Minister as sinking funds for the repayment of the said advances and when the Board has paid to the said Minister the full number of the half-yearly payments appointed under this section in respect of any portion of the said advances (together with any interest which may have become payable under this section in respect of any of such half-yearly payments) the liability of the Board for the repayment of such portion of the said advances shall be discharged but without prejudice to the liability of the Board for any interest then unpaid in respect of such portion of the said advances. | ||
(6) All interest due on the said advances or any part thereof at the time when the Board becomes liable under this section for the repayment of the said advances or such part thereof shall be paid by the Board to the Minister for Finance within six months after the Board so becomes liable for such repayment and if the Board fails to pay any such interest within such six months the Board shall pay to the said Minister interest at the rate appointed by the said Minister on such interest so due from the expiration of such six months until the same is paid. | ||
(7) If the Board fails to pay to the Minister for Finance any interest on the said advances or any part thereof or any half-yearly payment or portion of a half-yearly payment payable by it to the said Minister under this section at the time appointed in that behalf under this section, the Board shall pay to the said Minister interest at the rate appointed by the said Minister on the interest, half-yearly payment, or portion of a half-yearly payment (as the case may be) so unpaid from the time appointed as aforesaid until the same is paid. | ||
(8) Any interest payable by the Board to the Minister for Finance under this section on or before the appointed day may be paid by the Board out of the moneys advanced to the Board out of the Central Fund under this Act. | ||
(9) All moneys paid by the Board to the Minister for Finance under this section shall be paid into the Exchequer in such manner as the said Minister shall from time to time direct. |