Electricity (Supply) (Amendment) Act, 1954

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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.