Sea Fisheries Act, 1952

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Payment of interest on repayable advances.

20.—(1) The Board shall pay to the Minister for Finance on every sum advanced to the Board out of the Central Fund under section 18 and which is repayable interest from the date of the advance of such sum until the same is repaid at such rate as shall from time to time be appointed by the Minister for Finance in respect of such sum, and such interest shall be so paid by half-yearly payments on such days in every year as the Minister for Finance shall from time to time appoint.

(2) If the Board fail to pay to the Minister for Finance any interest payable by them 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 so unpaid from the time appointed as aforesaid until the same is actually paid.

(3) All interest paid to the Minister for Finance by the Board under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the said Minister may direct.