Sea Fisheries Act, 1952

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Repayment of repayable advances.

21.—(1) For the purpose of providing for the repayment by the Board of the advances made to them out of the Central Fund under section 18 which are repayable, the Board shall make to the Minister for Finance half-yearly payments, commencing on such date, and continuing for such number of years and being of such amounts and payable at such times as the said Minister, after consultation with the Minister, shall appoint, and different such dates, numbers of years, amounts, and times may be so appointed in respect of different portions of such advances.

(2) The several half-yearly payments to be made to the Minister for Finance by the Board under this section shall be applied by the said Minister as sinking funds for the repayment of the several portions of the advances in respect of which such half-yearly payments are made and when the Board have paid to the said Minister the full number of half-yearly payments appointed under this section in respect of any portion of such advances (together with any interest which may have become payable under this section in respect of any of such half-yearly payments) such portion of such advances shall be deemed to be fully repaid by the Board, without prejudice to the liability of the Board for any interest then unpaid in respect of such portion of such advances.

(3) If the Board fail to pay to the Minister for Finance any half-yearly payment or portion of a half-yearly payment payable by them 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 on such half-yearly payment or portion of a half-yearly payment interest at such rate as shall from time to time be appointed by the said Minister in respect thereof from the time appointed as aforesaid until the same is actually paid.

(4) All moneys paid by the Board to the Minister for Finance under this section in repayment of advances shall be paid into the Exchequer.

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