Telephone Capital Act, 1938

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Number 27 of 1938.

TELEPHONE CAPITAL ACT, 1938.

ARRANGEMENT OF SECTIONS

Number 27 of 1938.

TELEPHONE CAPITAL ACT, 1938.

AN ACT TO GRANT FURTHER MONEY FOR THE DEVELOPMENT OF THE PUBLIC TELEPHONIC SYSTEM AND FOR OTHER PURPOSES CONNECTED THEREWITH. [29th July, 1938.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Further grant for development of telephonic system.

1.—In addition to the moneys authorised by the Telephone Capital Acts, 1924 to 1936, the Minister for Finance may issue out of the Central Fund or the growing produce thereof such sums not exceeding in the whole the sum of one million pounds as have been or may be required by the Minister for Posts and Telegraphs for the purpose of developing the public telephonic system according to estimates approved by the Minister for Finance.

Minister for Finance may-borrow for the purposes of this Act.

2.—(1) For the purpose of providing money for the sums by this Act authorised to be issued out of the Central Fund or of providing money for the repayment to the Central Fund of all or any sums issued thereout under the authority of this Act, the Minister for Finance may borrow by means of terminable annuities extending over a period not exceeding twenty years.

(2) All moneys borrowed under this section shall be paid into the Exchequer.

(3) All terminable annuities created under this section shall be paid out of moneys provided by the Oireachtas and, if those moneys are insufficient, shall be charged on and payable out of the Central Fund or the growing produce thereof.

Incorporation of sections 3 and 4 of the Telephone Capital Act, 1927.

3.— Sections 3 and 4 of the Telephone Capital Act, 1927 (No. 8 of 1927), are incorporated with this Act.

Short title and citation.

4.—(1) This Act may be cited as the Telephone Capital Act, 1938.

(2) The Telephone Capital Acts, 1924 to 1936, and this Act may be cited together as the Telephone Capital Acts, 1924 to 1938.