Turf Development Act, 1975

Waiver of certain interest on advances to Board.

3.—(1) The Minister for Finance, after consultation with the Minister may, having examined the finances of the Board and having regard to the existing state of the finances of the Board and its future financial prospects, and subject to such terms and conditions as the Minister for Finance may determine after such consultation, by order waive all or part of the interest due by the Board in respect of the five-year period commencing on the 1st day of August, 1975, on sums advanced to the Board in relation to its third development programme (in this section referred to as third programme advances) under section 53 of the Turf Development Act, 1946 .

(2) After the expiration of the period mentioned in subsection (1) of this section the Minister for Finance, after consultation with the Minister, may, having examined the finances of the Board and having regard to the existing state of the finances of the Board and its future financial prospects, and subject to such terms and conditions as the Minister for Finance may determine after such consultation, by order waive all or a specified part of the interest due by the Board on third programme advances under the said section 53 as regards the period beginning on the commencement of the order and ending when the order ceases to be in force.

(3) In case the Minister for Finance makes an order under subsection (2) of this section, he shall specify in the order the period for which, subject to subsection (4) of this section, the order is to be in force.

(4) The Minister for Finance may, after consultation with the Minister, by order amend or revoke an order under this section (including an order under this subsection).

(5) Every order made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next twenty-one days on which that House has sat after the order is laid before it, the order shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.