Milk (Regulation of Supply) Act, 1994

Funds to be kept by the Agency.

17.—(1) The Agency shall keep a fund (in this section referred to as the fund) and shall maintain and manage the fund in accordance with this Act.

(2) All moneys received by the Agency under this Act shall be paid by the Agency into the fund.

(3) There shall be paid out of the fund the following moneys and no other moneys, that is to say, all moneys required by this Act to be paid by the Agency and all other expenses incurred by the Agency in the execution of its functions.

(4) The Agency may for the purpose of meeting charges required by this Act to be paid out of the fund borrow money on the security of the fund, but shall not do so without the consent of the Minister and the Minister for Finance.

(5) So much of the fund as in the opinion of the Agency is for the time being not required for the making of payments out of the fund shall be invested by the Agency in investments in which trustees are by law authorised to invest trust funds.

(6) The Agency may from time to time at its discretion vary any investment or transfer moneys invested under this section into other investments authorised under this section and may at any time sell and convert into money all or any investments made under this section.

(7) All dividends and interest received by the Agency on investments made under this section or in respect of the sale of any such investments shall be paid into the fund.