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SOLR_PROP

Scholarship Exchange (Ireland and the United States of America) Act, 1957

Winding up of the Fund and dissolution of the Board.

18.(1) If at any time the Board, with the approval of the Minister and the representative of the United States, decide that it is expedient that the Fund be wound up, the Board shall determine a day on which the Fund is to be wound up and it shall be wound up on that day.

(2) Before the Fund is wound up pursuant to subsection (1) of this section—

(a) the liabilities of the Fund shall be discharged, and

(b) as respects any balance remaining in the Fund after discharge of liabilities, it shall be paid into the fund referred to in paragraph 4 of Article III of the Agreement between the Government and the Government of the United States of America governing disposition of the balance in the Counterpart Special Account and dated the 17th day of June, 1954, or, if the fund so referred to has ceased to exist, paid to the Government to be used or disposed of by them in such manner and for such purposes as they may from time to time agree on with the Government of the United States of America.

(3) If at any time the Fund becomes exhausted otherwise than consequent upon the requirements of subsection (2) of this section having been fulfilled, the Board shall determine a day on which the Fund is to be wound up and it shall be wound up on that day.

(4) The Board shall become dissolved and shall cease to exist on the expiration of the day on which the Fund is wound up.