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Capital Fund.
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10.—(1) The Minister for Finance shall, when requested by the Council to do so, pay to the Institute, out of the monies held in the Counterpart Special Account, a sum of eight hundred and forty thousand pounds and that sum, when paid to the Institute, shall be known as the Capital Fund of An Foras Talúntais and is in this Act referred to as the Capital Fund.
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(2) The Capital Fund shall be used by the Institute solely for—
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(a) making grants to persons engaged in carrying out agricultural research in respect of the capital cost of the extension and development of their facilities for carrying out agricultural research,
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(b) defraying the capital cost of providing such new facilities for carrying out agricultural research, whether for and under the control of the Institute or otherwise, as the Institute considers desirable,
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(c) defraying the capital cost of providing and equipping offices and premises for the Institute.
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(3) Such part of the Capital Fund or any unexpended balance thereof as is not required for the purpose of meeting current expenditure in relation to the grants and capital costs specified in subsection (2) of this section shall be kept invested by the Institute in such securities as may be approved from time to time by the Minister for Finance.
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(4) The interest on the Capital Fund or any unexpended balance thereof shall accrue to the Institute as income.
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(5) In this and the next following section “the Counterpart Special Account” means the American Grant Counterpart Special Account established by the Minister for Finance in the Central Bank of Ireland pursuant to Article IV of the Economic Co-operation Agreement between the Government and the Government of the United States of America, dated the 28th day of June, 1948.
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