Electricity (Supply) (Amendment) Act, 1982

Amendment of section 4 of Act of 1954.

3.—Section 4 of the Act of 1954 is hereby amended—

(a) by the substitution in subsection (1) of “(including money in a currency other than the currency of the State) by any means it considers appropriate including” for “by means of”, and

(b) by the substitution of the following subsection for subsection (4):

“(4) The aggregate amount at any one time of moneys borrowed under this section, and of any advances under section 5 of this Act, which have not been repaid shall not exceed £1,600,000,000 and for the purposes of this subsection moneys borrowed 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 for that currency and the currency of the State.”,

and the said subsection (1), as so amended, is set out in the Table to this section.

TABLE

(1) The Board may, with the consent of the Minister for Finance and the Minister, borrow money (including money in a currency other than the currency of the State) by any means it considers appropriate including 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.