National Stud Act, 1945

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Stock Replacement Fund.

26.—(1) The Company shall maintain a fund to be known as the Stock Replacement Fund.

(2) There shall be paid into the Stock Replacement Fund the net proceeds of any bloodstock purchased out of capital and disposed of by the Company, all moneys received from time to time by the Company on foot of insurance of bloodstock so purchased, and such moneys as the Company may from time to time allocate to the said fund out of surplus net revenue.

(3) The moneys standing to the credit of the Stock Replacement Fund shall be applied for capital purposes subject to the approval of the Minister for Agriculture given after consultation with the Minister for Finance and for no other purpose.