Dairy Produce (Miscellaneous Provision) Act, 1973
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Supplementary provisions as to certain property of Society. |
4.—(1) The property vested in the Society by section 3 of this Act and any moneys representing the proceeds of sale of any such property or of investments made by the Society pursuant to subsection (4) of this section (which property and moneys are referred to in this Act as the specified assets) shall be used by the Society only in accordance with this section. | |
(2) The Society may use the specified assets for the orderly marketing and distribution of dairy products for the benefit of the dairy industry. | ||
(3) The Society may use any of the specified assets to secure moneys borrowed by the Society for the acquisition of dairy products and to secure a guarantee under section 6 of this Act. | ||
(4) Any of the specified assets which, in the opinion of the Society, are for the time being not immediately required in connection with the purpose mentioned in subsection (2) of this section may be invested by the Society in securities in which trustees are for the time being authorised by law to invest trust funds. | ||
(5) The Society may, with, and only with, the consent of the Minister, either dispose of or use for a purpose or in a manner not being a purpose or manner mentioned in subsection (2), (3) or (4) of this section any of the specified assets. | ||
(6) All dividends and interest received by the Society in respect of specified assets invested pursuant to subsection (4) of this section may be used by the Society for the purpose mentioned in subsection (2) of this section. | ||
(7) In the event of the winding up or dissolution of the Society, the specified assets shall be used or disposed of for the benefit of the dairy industry in such manner as the Minister, with the consent of the Minister for Finance, may direct. |