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SOLR_PROP

Turf Development Act, 1975

Amendment of section 1 of Act of 1957.

2.Section 1 of the Act of 1957, is hereby amended by—

(a) the insertion of “, including money in a currency other than the currency of the State,” after “money”in subsection (1), and the said subsection (1), as so amended, is set out in the Table to this paragraph;

TABLE

(1) The Board, with the consent of the Minister for Finance and the Minister, may, for the performance of its functions, borrow money, including money in a currency other than the currency of the State, by means of the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Board, with the consents aforesaid, may determine;

(b) the substitution in subsection (4) of “sixty million pounds” for “twenty-eight million pounds” (inserted therein by section 2 of the Turf Development Act, 1965 ) and the said subsection (4), as so amended, is set out in the Table to this paragraph;

TABLE

(4) The total of the sums advanced to the Board under section 53 of the Turf Development Act, 1946 (No. 10 of 1946), and any moneys borrowed under this section shall not exceed sixty million pounds;

(c) the addition to the section of the following subsection:

“(5) In relation to money borrowed under this section in a currency other than the currency of the State, the rate of exchange shall be the rate of exchange for the time being for that currency in the currency of the State.”.