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Educational Exchange (Ireland and the United States of America) Act, 1991

Ireland-United States Educational Fund.

5.(1) The Minister for Finance shall cause to be established under his control a fund to be known as the Ireland-United States Educational Fund.

(2) The moneys paid to the Government on the winding up of the Scholarship Exchange Fund under section 18 of the Act of 1957 shall be paid by the Government into the Ireland-United States Educational Fund.

(3) Money standing to the credit of the Ireland-United States Educational Fund shall be invested by the Minister for Finance, with the consent of the Minister, in such securities as may be approved of by the Minister for Finance.

(4) The income of the Ireland-United States Educational Fund shall be made available to the Commission for the purposes of its functions.

(5) The Commission may accept such moneys as may be provided for the purposes of its functions by the Government of the United States of America.

(6) The Government may, out of moneys provided by the Oireachtas, make contributions to the Commission for the purposes of its functions.

(7) The Minister for Finance shall cause to be kept all proper and usual accounts of all moneys received or expenditure incurred by the Fund.

(8) Accounts kept in pursuance of this section shall be submitted annually by the Minister for Finance to the Comptroller and Auditor General for audit.

(9) The Minister, on behalf of the Minister for Finance, shall cause copies of the accounts together with copies of the report of the Comptroller and Auditor General thereon to be laid before each House of the Oireachtas.

(10) After they have been laid before each House of the Oireachtas, a copy of the accounts together with the report of the Comptroller and Auditor General thereon shall be presented by the Minister on behalf of the Minister for Finance to the Commission.