22 1977

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Number 22 of 1977


TELEPHONE CAPITAL ACT, 1977


ARRANGEMENT OF SECTIONS

Section

1.

Further issue for development of telephone system.

2.

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

3.

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

4.

Short title and collective citation.

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Number 22 of 1977


TELEPHONE CAPITAL ACT, 1977


AN ACT TO PROVIDE FURTHER MONEYS FOR THE DEVELOPMENT OF THE PUBLIC TELEPHONIC SYSTEM AND FOR OTHER PURPOSES CONNECTED THEREWITH. [9th November, 1977]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Further issue for development of telephone system.

1. —In addition to the moneys authorised by the Telephone Capital Acts, 1924 to 1973, 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 three hundred and fifty million pounds as have been or may be required by the Minister for Posts and Telegraphs for the purposes of developing the public telephone 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 purposes 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 sums required and for that purpose may create and issue—

(a) terminable annuities extending over such period as, after consultation with the Minister for Posts and Telegraphs, he thinks fit,

(b) any other securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

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

(3) The principal and interest of any securities issued under subsection (1) (b) of this section and the expenses in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(4) There shall be made out of moneys provided by the Oireachtas:

(a) payments in respect of terminable annuities created under this section,

(b) repayments to the Central Fund of amounts paid thereout in respect of principal, interest or expenses charged under subsection (3) of this section.

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

3. Section 3 of the Telephone Capital Act, 1927 , and section 4 of that Act as amended by section 3 (2) of the Telephone Capital Act, 1963 , are incorporated with this Act.

Short title and collective citation.

4. —(1) This Act may be cited as the Telephone Capital Act, 1977.

(2) The Telephone Capital Acts, 1924 to 1973, and this Act may be cited together as the Telephone Capital Acts, 1924 to 1977.


Acts Referred to

Telephone Capital Act, 1927

1927, No. 8.

Telephone Capital Act, 1963

1963, No. 31.