As Ann Déscrolláil
Cuir Déscrolláil ar siúl chun an dá leagan a scrolláil le chéile.
Uimhir 17 de 1954.
AN tACHT LEICTREACHAIS (SOLÁTHAR) (LEASÚ), 1954.
[An tiontó oifigiúil.]
Mínithe.
1.—San Acht seo—
ciallaíonn “na hAchta” na hAchta Leictreachais (Soláthar), 1927 go 1952;
ciallaíonn “an Bord” Bord Soláthair an Leictreachais;
ciallaíonn “an tAire” an tAire Tionscail agus Tráchtála.
Tórainn leis an gcaiteachas iomlán chun críocha ginearálta.
2.—(1) Ní raghaidh caiteachas iomlán an Bhoird chun críocha ginearálta, is é sin le rá, chun críocha caipitiúla seachas leictriú tuath-líomatáistí, thar céad milliún punt.
(2) Aireofar ar chaiteachas caipitiúil chun críche an ailt seo—
(a) suim £6,030,066, is é sin, an caiteachas ar Oibreacha na Sionainne ar thit an dliteanas ina leith ar an mBord faoi alt 15 den Acht Leictreachais (Soláthar), 1927 (Uimh. 27 de 1927), ar na hOibreacha a thabhairt i seilbh an Bhoird;
(b) suim £38,094,570, is é sin, méid na n-airleacan chun an Bhoird as an bPríomh-Chiste suas go dtí an 31ú lá de Nollaig, 1953, faoi na hAchta chun críocha ginearálta;
(c) na suimeanna uile chun creidiúnais Cúlchiste Díluacha Sócmhainní Ginearálta an Bhoird a bheas á n-úsáid go sealadach le haghaidh tionscadal caipitiúla nua:
(d) na suimeanna uile a gheofar ar iasacht faoi alt 8 d'Acht Bhord Soláthair an Leictreachais (Aoisliúntas), 1942 (Uimh. 17 de 1942), ó iontaobhaithe ciste aoisliúntais;
(e) na suimeanna uile a gheofar ar iasacht go sealadach faoi alt 3 le haghaidh tionscadal caipitiúla nua;
(f) (i) pé suimeanna eile a hairleacfar chun an Bhoird chun críocha ginearálta faoi na hAchta laistigh den tórainn iomlán £58,945,000 atá ceaptha faoi láthair (is é sin le rá, £13,445,000 faoi na hAchta Leictreachais (Soláthar), 1927 go 1942, agus £45,500,000 faoin Acht Leictreachais (Soláthar), 1945 (Uimh. 12 de 1945), arna leasú), agus
(ii) na suimeanna uile a hairleacfar chun an Bhoird, nó a gheobhas an Bord ar iasacht, faoin Acht seo chun críocha ginearálta,
ach amháin a mhéid a húsáidfear aon tsuimeanna den tsórt sin chun airgead a húsáideach le haghaidh tionscadal caipitiúla nua d'aisíoc le Cúlchiste Díluacha na Sócmhainní Ginearálta nó chun suimeanna a fuarthas ar iasacht le haghaidh na dtionscadal sin faoi alt 3, nó a fuarthas ar iasacht ó iontaobhaithe ciste aoisliúntais, d'aisíoc.
(3) Ní airleacfaidh an tAire Airgeadais airgead chun an Bhoird, ná ní bhfaighidh an Bord airgeadar iasacht ó aon fhoinse, más rud é go gcuirfeadh sin caiteachas caipitiúil an Bhoird thar an tórainn a ceaptar leis an alt seo.
Airgead d'fháil ar iasacht go sealadach.
3.—(1) Féadfaidh an Bord pé suimeanna d'fháil ar iasacht go sealadach a theastós uaidh chun a fheidhmeanna a chomhlíonadh.
(2) Ní fheidhmeoidh an Bord a chumhachta i slí go mbeidh a fhiachas iomlán, i leith airgead d'fháil ar iasacht go sealadach, níos mó, aon uair, ná pé suim a bheas údaraithe ag an Aire le haontú an Aire Airgeadais.
Cumhachta chun airgead d'fháil ar iasacht chun críocha ginearálta.
4.—(1) Féadfaidh an Bord, le toiliú an Aire Airgeadais agus an Aire, airgead d'fháil ar iasacht trí stoc nó urrúis de chineálacha eile a chruthnú a heiseofar, a haistreofar, a riarfar agus a fuasclófar i pé slí agus ar pé téarmaí agus coinníollacha a chinnfeas an Bord leis an toiliú adúradh.
(2) Féadfar na cumhachta chun airgead d'fháil ar iasacht, a bheirtear leis an alt seo don Bhord, d'fheidhmiú chun aon chríche a bhainfeas le comhlíonadh a fheidhmeanna seachas leictríú tuath-líomatáistí, ach féadfar coinníoll a chur le toiliú le hairgead d'fháil ar iasacht nach n-úsáidfear an t-airgead ach chun críche cláir d'oibreacha caipitiúla a cheadós an tAire.
(3) Is cead go mbeadh ar na téarmaí ar a bhféadfar airgead d'fháil ar iasacht faoin alt seo forála ag muirearú an airgid agus an úis air ar an maoin uile, pé cineál í, a bheas dílsithe sa Bhord de thuras na huaire nó ar aon mhaoin áirithe leis an mBord agus forála ag leagadh síos tosaíochta na muirear sin ar a chéile agus a dtosaíochta i leith muirear in aghaidh airleacan a rinneadh chun an Bhoird, roimh an Acht seo a rith nó dá éis, as an bPríomh-Chiste, agus féadfaidh na téarmaí sin a fhoráil, d'ainneoin aon ní contrártha dhó sin in aon achtachán, go bhféadfaidh aon mhuirear i leith airgid a gheofar ar iasacht amhlaidh tosach a bheith aige ar mhuirir i leith airleacan den tsórt sin nó a bheith ar aon-chéim leo.
(4) Ní raghaidh an méid iomlán a gheofar ar iasacht faoin alt seo thar cúig mhilliún fichead punt.
Airleacain chun an Bhoird as an bPríomh-Chiste.
5.—(1) I dteannta na gcumhacht chun airgead d'fháil ar iasacht a bheirtear le hailt 3 agus 4, beidh cumhacht ag an Aire Airgeadais, ar mholadh an Aire agus faoi réir fo-ailt (3) d'alt 2, airgead d'airleacan chun an Bhoird as an bPríomh-Chiste nó a thoradh fáis chun críocha seachas leictriú tuath-líomatáistí.
(2) Féadfar coinníoll a chur le hairleacan nach n-úsáidfear an t-airgead ach chun críche cláir d'oibreacha caipitiúla a cheadós an tAire.
(3) Tar éis an tAcht seo a rith, ní déanfar aon airleacain eile faoi alt 38 den Acht Leictreachais (Soláthar) (Leasú), 1945 (Uimh. 12 de 1945).
An Bord d'aisíoc airleacan as an bPríomh-Chiste.
6.—(1) Beidh gach suim a hairleacfar as an bPríomh-Chiste chun an Bhoird faoi alt 5 inaisíoctha ag an mBord pé trátha, i pé slí, agus le hús do réir pé ráta, a ordós an tAire Airgeadais, agus tiocfaidh gach suim den tsórt sin, maraon leis an ús uirthi, chun bheith, agus beidh, láithreach, ina muirear foluaimneach ar an maoin uile, pé cineál í, a bheas dílsithe sa Bhord nó ar únaeracht aige ó am go ham.
(2) Ní oibreoidh aon mhuirear foluaimneach a cruthnaítear leis an alt seo chun cosc ná srian a chur leis an mBord do choimhthiú aon mhaoine ar a luíonn an muirear foluaimneach sin, nó leis an mBord do dhéanamh aon ní eile léi, i bhfeidhmiú nó i gcomhlíonadh a chumhacht agus a dhualgas reachtúla mar is cuí agus mar is cóir.
(3) Beidh gach muirear a cruthnaítear leis an alt seo dílsithe san Aire Airgeadais, agus féadfaidh an tAire sin é a chur i bhfeidhm do réir foirme cuí an dlí aon uair is cuí leis sin a dhéanamh.
(4) Íocfar isteach sa Stát-Chiste nó cuirfear chun tairbhe don Stát-Chiste pé tráth agus i pé slí a threorós an tAire Airgeadais an t-airgead go léir a íocfas an Bord, nó a gnóthófar uaidh, in aisíoc príomhshuime a hairleacadh chun an Bhoird faoin alt seo nó in íoc an úis uirthi.
Méadú airleacan chun tuathlíomatáistí a leictriú.
7.—(1) Ní raghaidh méid iomlán na suimeanna a hairleacfar faoi alt 41 den Acht Leictreachais (Soláthar) (Leasú), 1945 (Uimh. 12 de 1945), chun tuath-líomatáistí a leictriú thar sé mhilliún déag punt agus, dá réir sin, forléireofar fo-alt (1) den alt sin amhail is dá mbeadh an tsuim sin curtha in ionad na suime a luaitear ann.
(2) Athghairmtear leis seo alt 3 den Acht Leictreachais (Soláthar) (Leasú), 1952 (Uimh. 4 de 1952).
An tAire Airgeadais do thabhairt frithgheallúna i leith eisiúna stoic.
8.—(1) Féadfaidh an tAire Airgeadais, ar pé coinníollacha is cuí leis, a chomhaontú leis an mBord, má bhíonn aon stoc leis. an mBord, atá ar tí a thairisceana aon tráth áirithe lena shuibscríobh, gan glacadh ag an bpobal i gceann tréimhse sonraithe, go nglacfaidh sé an stoc sin nó cion sonraithe éigin de agus go n-íocfaidh as.
(2) Is ar an bPríomh-Chiste nó a thoradh fáis a bheas muirear agus íoc an airgid go léir a theastós ó am go ham faoi chomhair íocaíochtaí is gá don Aire Airgeadais a dhéanamh leis an mBord i leith aon stoic a ghlacfas sé faoin Acht seo.
Urrúis a ráthú.
9.—(1) Féadfaidh an tAire Airgeadais a ráthú, i pé slí agus foirm agus ar pé téarmaí agus coinníollacha is cuí leis, go n-aisíocfaidh an Bord go cuí aon airgead a gheobhas an Bord ar iasacht faoi alt 4.
(2) Is as an bPríomh-Chiste nó a thoradh fáis a hairleacfar an t-airgead go léir a theastós ón Aire Airgeadais ó am go ham chun suimeanna d'íoc a bheas iníoctha faoi aon ráthaíocht a thug sé faoin alt seo.
(3) Aisíocfaidh an Bord leis an bPríomh-Chiste, laistigh de dhá mhí dhéag ó dháta an airleacain, aon airleacain as an bPríomh-Chiste nó a thoradh fáis chun críche an ailt seo (maraon le hús orthu do réir pé rátaí a cheapfas an tAire Airgeadais).
(4) Má bhíonn iomlán na n-airleacan as an bPríomh-Chiste nó a thoradh fáis chun críche an ailt seo, nó aon chuid díobh, gan aisíoc ag an mBord leis an bPríomh-Chiste do réir fo-ailt (3), aisíocfar leis an bPríomh-Chiste as airgead a sholáthrós an tOireachtas an méid a bheas gan aisíoc amhlaidh.
(5) Má sholáthraíonn an tOireachtas airgead faoi fho-alt (4) ní shaorfaidh sin an Bord ón dliteanas chun méid iomlán aon airleacain a rinneadh faoi fho-alt (2), maraon le hús air do réir an ráta a cheap an tAire Airgeadais, d'aisíoc leis an bPríomh-Chiste, agus déanfaidh an Bord an t-aisíoc sin pé trátha agus i pé tráthchoda a cheapfas an tAire Airgeadais.
Ráiteas bliantúil i dtaobh ráthaíochtaí.
10.—Leagfaidh an tAire Airgeadais faoi bhráid gach Tí den Oireachtas, a luaithe is féidir tar éis deireadh gach bliana airgeadais, ráiteas ina luafar i gcás gach ráthaíochta a tugadh faoi alt 9 i rith na bliana sin nó a tugadh aon uair roimh thosach na bliana sin agus a bhí i bhfeidhm ina tosach—
(a) sonraí na ráthaíochta,
(b) má rinne an tAire aon íocaíocht faoin ráthaíocht roimh dheireadh na bliana sin, méid na híocaíochta agus an méid a haisíocadh (má haisíocadh) leis an Aire de bhun na híocaíochta,
(c) an méid a bheadh de dhliteanas ar an Aire mar phríomhaí faoin ráthaíocht dá gcuirtí an ráthaíocht i bhfeidhm láithreach ar an mbliain sin a bheith caite.
Urrúis an Bhoird a bheith ina n-urrúis iontaobhais.
11.—Measfar aon urrús a cruthnófar faoi alt 4 a bheith ar áireamh sna hurrúis ina bhféadfaidh iontaobhaithe cistí iontaobhais d'infheistiú faoi chumhachta ailt 1 den Trustee Act, 1893.
Ciste Fuascailte.
12.—(1) Tar éis dó soláthar a dhéanamh le haghaidh íoc úis ar urrúis a bheas cruthnaithe faoi alt 4 agus le haghaidh muirear seasta agus oblagáidí eile, cuirfidh an Bord de leataoibh ó am go ham pé suimeanna is cuí leis chun ciste a bhunú le haon urrús d'fhuascailt is infhuascailte in airgead, go páirteach nó go hiomlán, do réir choinníollacha a eisiúna.
(2) Féadfaidh an Bord suimeanna ar bith a chuirfeas sé de leataoibh faoin alt seo agus an t-ioncam astu d'infheistiú—
(a) i pé urrúis a mbeidh údaraithe le dlí de thuras na huaire cistí iontaobhais d'infheistiú iontu agus is cuí leis an mBord tar éis dó dul i gcomhairle leis an Aire Airgeadais;
(b) i pé urrúis eile a bheas ceadaithe chuige sin de thuras na huaire ag an Aire Airgeadais agus is cuí leis an mBord.
(3) (a) Úsáidfear na suimeanna go léir a cuirfear de leataoibh faoin alt seo, maraon leis an ioncam astu, chun nó i leith fuascailte aon urrúis, ar bheith aibidh dó, ar cuireadh de leataoibh iad lena fhuascailt nó, más cuí leis an mBord, féadfar iad d'úsáid chun aon urrús den tsórt sin a cheannach agus díscríobhfar agus cealófar aon urrús a ceannófar amhlaidh.
(b) Ach amháin le haontú an Aire Airgeadais, ní cheannóidh an Bord faoin bhfo-alt seo aon urrús ar phraghas is mó ná a gcomhshuim seo—
(i) praghas fuascailte an urrúis, agus,
(ii) aon ús a bheas dlite ar an urrús ar dháta a cheannaithe agus is iníoctha leis an gceannaitheoir.
Airgead barrachais d'infheistiú.
13.—Féadfaidh an Bord, le toiliú an Aire Airgeadais agus an Aire, aon airgead a bheas faoina réir, agus nach mbeidh ag teastáil uaidh de thuras na huaire chun a fheidhmeanna a chomhlíonadh, d'infheistiú i pé urrúis is cuí leis an Aire Airgeadais.
Díbhinní, etc., d'íoc isteach sa Stát-Chiste.
14.—Íocfar isteach sa Stát-Chiste na díbhinní, na bónais agus an t-airgead eile go léir a gheobhas an tAire Airgeadais i leith stoic leis an mBord a bheas ina sheilbh.
Cumhachta an Aire Airgeadais i leith stoic ina sheilbh.
15.—(1) Féadfaidh an tAire Airgeadais an stoc a shuibscríobh sé faoin Acht seo a choinneáil ina sheilbh chomh fada agus is cuí leis agus féadfaidh, mar is cuí leis agus nuair is cuí leis, an stoc sin go léir nó aon chuid de a dhíol.
(2) Íocfar isteach sa Stát-Chiste na glan-fháltais as díol aon stoic ag an Aire Airgeadais.
Oibreacha na Sionainne a dhílsiú sa Bhord.
16.—(1) Dilsítear Oibreacha na Sionainne leis seo sa Bhord chun eastáit agus leasa uile an Aire.
(2) Athghairmtear leis seo fo-alt (3) d'alt 17 den Acht Leictreachais (Soláthar), 1927 (Uimh. 27 de 1927).
Gan feidhm a bheith ag an Public Authorities Protection Act, 1893.
17.—Ní bheidh feidhm ag an Public Authorities Protection Act, 1893, maidir le haon chaingean, inchúiseamh ná imeacht i gcoinne an Bhoird ná i leith aon ghnímh, faillí nó mainneachtana ag seirbhíseach nó gníomhaire don Bhord ina cháil mar sheirbhíseach nó gníomhaire don Bhord.
Airgead a sholáthar faoi chomhair íocaíochtaí as an bPríomh-Chiste.
18.—(1) Féadfaidh an tAire Airgeadais, chun soláthar a dhéanamh le suimeanna d'íoc as an bPríomh-Chiste faoin Acht seo nó leis na suimeanna go léir a híocadh amhlaidh, nó aon chuid díobh, d'aisíoc leis an gCiste sin, nó le haon urrúis a heisíodh faoin alt seo a ghlanadh, a mhéid nach bhfuil soláthar déanta ar shlí eile ina leith sin, airgead d'fháil ar iasacht trí pé urrúis is cuí leis d'eisiúint, agus íocfar isteach sa Stát-Chiste na suimeanna go léir a gheofar ar iasacht amhlaidh.
(2) Is ar an bPríomh-Chiste nó a thoradh fáis a bheas muirear agus íoc príomhshuime agus úis na n-urrús uile a heiseofar faoin alt seo.
Ráta uasta pinsin chomhaltaí lánaimsire an Bhoird.
19.—Leasaítear leis seo fo-alt (1) d'alt 2 d'Acht Bhord Soláthair an Leictreachais (Aoisliúntas), 1942 (Uimh. 17 de 1942), (a fhorálas go n-íocfar pinsin le comhaltaí lánaimsire an Bhoird trí “an ochtú cuid ceathrachad faoi fhiche ceathair” a chur ann in ionad “an ochtú cuid ceathrachad fé fhiche” mar an cion uasta de thuarastal bliantúil ar a ríomhfar aon phinsean den tsórt sin.
Gearrtheideal, comhlua agus forléiriú.
20.—(1) Féadfar an tAcht Leictreachais (Soláthar) (Leasú), 1954, a ghairm den Acht seo.
(2) Féadfar na hAchta Leictreachais (Soláthar), 1927 go 1954, a ghairm de na hAchta agus den Acht seo le chéile.
(3) Forléireofar mar aon ní amháin na hAchta agus an tAcht seo.
Number 17 of 1954.
ELECTRICITY (SUPPLY) (AMENDMENT) ACT, 1954.
ARRANGEMENT OF SECTIONS
Section | |
2. | Limitation on total expenditure for general purposes. |
Powers of Minister for Finance in respect of stock held by him. | |
Acts Referred to | |
No. 27 of 1927 | |
No. 17 of 1942 | |
No. 12 of 1945 | |
No. 4 of 1952 | |
Number 17 of 1954.
ELECTRICITY (SUPPLY) (AMENDMENT) ACT, 1954.
Definitions.
1.—In this Act—
“the Acts” means the Electricity (Supply) Acts, 1927 to 1952;
“the Board” means the Electricity Supply Board;
“the Minister” means the Minister for Industry and Commerce.
Limitation on total expenditure for general purposes.
2.—(1) The total expenditure of the Board for general purposes, that is to say, for capital purposes other than the electrification of rural areas shall not exceed one hundred million pounds.
(2) Capital expenditure for the purpose of this section shall comprise—
(a) the sum of £6,030,066, being the expenditure on the Shannon Works for which the Board became liable under section 15 of the Electricity (Supply) Act, 1927 (No. 27 of 1927), on the handing over of the Works to the Board;
(b) the sum of £38,094,570, being the amount of the advances to the Board out of the Central Fund up to the 31st day of December, 1953, under the Acts for general purposes;
(c) all sums credited to the Board's General Assets Depreciation Reserve which are temporarily utilised to finance new capital projects;
(d) all sums borrowed under section 8 of the Electricity Supply Board (Superannuation) Act, 1942 (No. 17 of 1942), from the trustees of a superannuation fund;
(e) all sums borrowed temporarily under section 3 for new capital projects;
(f) (i) such further sums as may be advanced to the Board for general purposes under the Acts within the total existing limit of £58,945,000 (that is to say, £13,445,000 under the Electricity (Supply) Acts, 1927 to 1942, and £45,500,000 under the Electricity (Supply) Act, 1945 (No. 12 of 1945), as amended), and
(ii) all sums advanced to, or borrowed by, the Board under this Act for general purposes,
except to the extent that any such sums are applied to recoup the General Assets Depreciation Reserve for moneys utilised to finance new capital projects or to repay sums borrowed for such projects under section 3 or borrowed from the trustees of a superannuation fund.
(3) The Minister for Finance shall not advance moneys to the Board and the Board shall not borrow moneys from any source if its capital expenditure would thereby exceed the limitation imposed by this section.
Temporary borrowing.
3.—(1) The Board may borrow temporarily such sums as it may require for the performance of its functions.
(2) The Board shall not so exercise its powers that its total indebtedness in respect of temporary borrowing exceeds at any time such amount as may be authorised by the Minister with the approval of the Minister for Finance.
Borrowing powers for general purposes.
4.—(1) The Board may, with the consent of the Minister for Finance and the Minister, borrow money by means of the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Board, with the consents aforesaid, may determine.
(2) The borrowing powers conferred by this section on the Board may be exercised for any purpose arising in the performance of its functions other than the electrification of rural areas but there may be attached to consent to borrow the condition that the moneys shall be utilised only for the purpose of a programme of capital works approved by the Minister.
(3) The terms upon which moneys are borrowed under this section may include provisions charging the moneys and interest thereon upon all property of whatsoever kind for the time being vested in the Board or upon any particular property of the Board and provisions establishing the priority of such charges amongst themselves and in relation to charges in respect of advances made, whether before or after the passing of this Act, to the Board out of the Central Fund and such terms may, notwithstanding anything to the contrary in any enactment, provide that any charge in respect of moneys so borrowed may rank before or equally with charges in respect of such advances.
(4) The total amount borrowed under this section shall not exceed twenty-five million pounds.
Advances to the Board out of the Central Fund.
5.—(1) In addition to the borrowing powers conferred by sections 3 and 4, the Minister for Finance, on the recommendation of the Minister, shall, subject to subsection (3) of section 2, have power to advance moneys to the Board out of the Central Fund or the growing produce thereof for purposes other than the electrification of rural areas.
(2) There may be attached to the making of an advance the condition that the moneys shall be utilised only for the purpose of a programme of capital works approved by the Minister.
(3) After the passing of this Act no further advances shall be made under section 38 of the Electricity (Supply) (Amendment) Act, 1945 (No. 12 of 1945).
Repayment by the Board of advances out of the Central Fund.
6.—(1) Every sum advanced out of the Central Fund to the Board under section 5 shall be repayable by the Board at such times, in such manner, and with interest at such rate as shall be prescribed by the Minister for Finance, and every such sum and the interest thereon shall forthwith become and be a floating charge on all property of whatsoever kind from time to time vested in or owned by the Board.
(2) No floating charge created by this section shall operate to prevent or restrict the alienation or other dealing by the Board of or with any property affected by such floating charge in the due and proper exercise or performance of the statutory powers and duties of the Board.
(3) Every charge created by this section shall be vested in the Minister for Finance and may be enforced by that Minister in due form of law whenever he shall think proper so to do.
(4) All moneys paid by or recovered from the Board in respect of the repayment of the capital of or the payment of the interest on a sum advanced to the Board under this section shall be paid into or disposed of for the benefit of the Exchequer at such time and in such manner as the Minister for Finance shall direct.
Increase of advances for rural electrification.
7.—(1) The total amount of the sums advanced under section 41 of the Electricity (Supply) (Amendment) Act, 1945 (No. 12 of 1945), for the electrification of rural areas shall not exceed sixteen million pounds and, accordingly, subsection (1) of that section shall be construed as if that sum were substituted for the sum mentioned therein.
(2) Section 3 of the Electricity (Supply) (Amendment) Act, 1952 (No. 4 of 1952), is hereby repealed.
Underwriting by the Minister for Finance of issue of stock.
8.—(1) The Minister for Finance may, subject to such conditions as he may think fit, agree with the Board that, if any stock of the Board about to be offered at any time for subscription is not within a specific time taken up by the public, he will take up and pay for such stock or some specified proportion thereof.
(2) All moneys from time to time required to meet payments required to be made by the Minister for Finance to the Board in respect of any stock taken up by him under this Act shall be charged on and paid out of the Central Fund or the growing produce thereof.
Guarantee of securities.
9.—(1) The Minister for Finance may guarantee, in such manner and form and on such terms and conditions as he thinks fit, the due repayment by the Board of any moneys borrowed under section 4.
(2) All moneys from time to time required by the Minister for Finance to meet sums which may become payable under any guarantee given by him under this section shall be advanced out of the Central Fund or the growing produce thereof.
(3) Any advances out of the Central Fund or the growing produce thereof for the purpose of this section shall be repaid to the Central Fund (with interest thereon at such rates as the Minister for Finance shall appoint) by the Board within twelve months from the date of the advance.
(4) Where the whole or any part of the advances out of the Central Fund or the growing produce thereof for the purpose of this section has not been repaid by the Board to the Central Fund in accordance with subsection (3), the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.
(5) The provision of moneys by the Oireachtas under subsection (4) shall not exempt the Board from the liability to repay to the Central Fund, with interest thereon at the rate appointed by the Minister for Finance, the full amount of any advance made under subsection (2), and such repayment shall be made by the Board at such times and in such instalments as the Minister for Finance may appoint.
Annual statement as to guarantees.
10.—The Minister for Finance shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out as respects each guarantee given under section 9 during such year or given at any time before, and in force at, the commencement of such year—
(a) particulars of the guarantee,
(b) in case any payment has been made by the Minister under the guarantee before the end of such year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment,
(c) the amount for which the Minister would, if the guarantee were enforced immediately upon the expiration of such year, be liable as principal under the guarantee.
Securities of Board to be trustee securities.
11.—Any security created under section 4 shall be deemed to be included amongst the securities in which trustees may invest trust funds under the powers of section 1 of the Trustee Act, 1893.
Redemption Fund.
12.—(1) After providing for the payment of interest on securities created under section 4 and for other fixed charges and obligations, the Board shall from time to time set aside such sums as it considers proper for the purpose of forming a fund for the redemption of any security which under the conditions of issue is redeemable wholly or partly in cash.
(2) The Board may invest any sums set aside under this section and the income therefrom in—
(a) such securities for the time being authorised by law for the investment of trust funds as the Board, after consultation with the Minister for Finance, thinks proper;
(b) such other securities for the time being approved of in that behalf by the Minister for Finance as the Board thinks proper.
(3) (a) All sums set aside under this section together with the income therefrom shall be applied in or towards the redemption at maturity of any security for the redemption of which they have been set aside or may, if the Board thinks fit, be applied to the purchase of any such security and any security so purchased shall be written off and cancelled.
(b) Except with the approval of the Minister for Finance, the Board shall not under this subsection purchase any security at a price exceeding the sum of the following—
(i) the redemption price of the security, and
(ii) any interest accrued due on the security at the date of purchase and payable to the purchaser.
Investment of surplus moneys.
13.—The Board may, with the consent of the Minister for Finance and the Minister, invest any moneys at its disposal which it does not for the time being require for the performance of its functions in such securities as the Minister for Finance thinks proper.
Payment of dividends etc. into the Exchequer.
14.—All dividends, bonus and other moneys received by the Minister for Finance in respect of stock of the Board held by him shall be paid into the Exchequer.
Powers of Minister for Finance in respect of stock held by him.
15.—(1) The Minister for Finance may hold for so long as he thinks fit the stock subscribed for by him under this Act and may as and when he thinks fit sell all or any of such stock.
(2) The net proceeds of every sale of stock by the Minister for Finance shall be paid into the Exchequer.
Vesting of Shannon Works in Board.
16.—(1) The Shannon Works are hereby vested in the Board for all the estate and interest of the Minister.
(2) Subsection (3) of section 17 of the Electricity (Supply) Act, 1927 (No. 27 of 1927), is hereby repealed.
Exclusion of Public Authorities Protection Act, 1893.
17.—The Public Authorities Protection Act, 1893, shall not apply to any action, prosecution or proceeding against the Board or in respect of any act, neglect or default by a servant or agent of the Board in his capacity as a servant or agent of the Board.
Provision of money for payments out of the Central Fund.
18.—(1) The Minister for Finance may, for the purpose of providing for the payment of sums out of the Central Fund under this Act or for the repayment to that Fund of all or any part of the sums so paid or for paying off any securities issued under this section so far as such payment is not otherwise provided for, borrow money by means of the issue of such securities as he thinks proper, and all sums so borrowed shall be paid into the Exchequer.
(2) The principal of and interest on all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof.
Maximum rate of pension of whole-time members of the Board.
19.—Subsection (1) of section 2 of the Electricity Supply Board (Superannuation) Act, 1942 (No. 17 of 1942), (which provides for payment of pensions to whole-time members of the Board) is hereby amended by the substitution therein of “twenty-four forty-eighths” for “twenty forty-eighths” as the maximum proportion of yearly salary to be taken for the calculation of any such pension.
Short title, collective citation and construction.
20.—(1) This Act may be cited as the Electricity (Supply) (Amendment) Act, 1954.
(2) The Acts and this Act may be cited together as the Electricity (Supply) Acts, 1927 to 1954.
(3) The Acts and this Act shall be construed together as one.