Scientific and Technological Education (Investment) Fund Act, 1997

The Fund.

2.—(1) There shall stand established, on the passing of this Act, a fund which shall be known as the Scientific and Technological Education (Investment) Fund and is in this Act referred to as “the Fund”.

(2) The Fund shall consist of the following accounts, namely—

(a) an account with the Office of the Paymaster General, and

(b) an account which shall be known as the Private Donations Investment Account and is in this Act referred to as “the investment account”,

each of which shall be operated subject to such terms and conditions as the Minister for Finance, after consultation with the Minister, may determine.

(3) As soon as may be, but not later than 3 months, after the end of the financial year, 1998, and each subsequent financial year, the Minister shall submit the accounts of the Fund to the Comptroller and Auditor General for audit and the Minister shall cause a copy of an abstract of the accounts as so audited together with a copy of the report of the Comptroller and Auditor General thereon to be laid before each House of the Oireachtas within 1 month after the receipt by the Minister of that report.

(4) Without prejudice to the functions conferred on the Minister by this section and sections 3 and 4 , the Minister for Finance shall manage the Fund.

(5) Moneys standing to the credit of the investment account which are not, for the time being, required for the purpose of making payments out of the Fund under section 4 shall be invested by the Minister for Finance in securities issued by the State.

(6) The Minister for Finance may from time to time at his or her discretion vary or sell any investments made by him or her under subsection (5).

(7) All dividends and interest received by the Minister for Finance on investments made by him or her under subsection (5) or (6) and the proceeds of the sale of any such investments shall be paid into the investment account.

(8) The First Schedule to the National Treasury Management Agency Act, 1990 , is hereby amended by the addition of the following paragraph after paragraph (l):

“(m) subsections (4) to (7) of section 2 of the Scientific and Technological Education (Investment) Fund Act, 1997.”.