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SOLR_PROP

Turf Development Act, 1975

Amendment of section 3 of Act of 1957.

4.Section 3 of the Act of 1957 is hereby amended by—

(a) the substitution of the following subsection for subsection (1):

“(1) The Minister for Finance may guarantee, in such form and manner and on such terms and conditions as he thinks fit, the due repayment by the Board of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed by the Board under section 1 of this Act or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest and any such guarantee may include a guarantee of payment of incidental expenses arising in connection with such borrowings.”;

(b) the addition to the section of the following subsections :

“(6) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose and, for the purpose of such borrowing, he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.

(7) The principal of and interest on all securities issued under subsection (6) of this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

(8) Moneys paid by the Board under subsection (3) or (5) of this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit.

(9) In relation to guarantees given by the Minister for Finance in money in a currency other than the currency of the State—

(i) each of the references to principal, each of the references to interest and the reference to incidental expenses in subsection (1) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, the actual interest and the actual incidental expenses, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal, the actual interest or the actual incidental expenses, as may be appropriate,

(ii) the reference to principal in section 4 of this Act shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange for the time being for that currency and the currency of the State,

(iii) each of the references to moneys in subsections (2) and (5) of this section shall be taken as referring to the cost in currency of the State of the actual moneys,

(iv) each of the references to advances in subsections (3) and (4) of this section shall be taken as referring to the cost in currency of the State of the actual moneys comprised in advances.”.