Electricity (Supply) (Amendment) Act, 1965

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Limitation on total expenditure for general purposes.

3.—(1) For the purposes of subsections (2) and (3) of section 2 of the Act of 1954, moneys borrowed by the Board in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed, such equivalent being calculated according to the rate of exchange at the time of the borrowing of the moneys.

(2) Where—

(a) the equivalent in currency of the State of other currency is being calculated for the purposes of subsection (1) of this section, and

(b) the currencies having, at the time specified in that subsection, par values established under the Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency,

the reference in that subsection to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values.