Electricity (Supply) (Amendment) Act, 1954

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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.