Turf Development Act, 1950

Waiver of interest on certain advances to the Board.

4.—Section 57 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (1):

“(1) The following provisions shall apply in respect of advances made to the Board under section 53 of this Act:

(a) no interest shall be payable by the Board on advances made during the period of five years commencing on the 21st day of June, 1946, in relation to the Board's first turf development programme (in this subsection referred to as first programme advances) in respect of any period preceding the day on which the Minister for Finance makes an order under paragraph (b) of this subsection,

(b) the Minister for Finance shall, immediately after the period of five years referred to in paragraph (a) of this subsection, examine the finances of the Board and shall then, having regard to the existing state of the finances of the Board and its future financial prospects, either—

(i) by order (in subsection (3) of this section referred to as the exemption order) exempt the Board from the liability to pay interest on first programme advances in respect of the period during which the order is in force, or

(ii) by order declare the Board liable to pay interest on first programme advances in respect of any period commencing on or after the day on which the order is made,

(c) no interest shall be payable by the Board on advances made during the period of five years commencing on the 1st day of July, 1950, in relation to the Board's second turf development programme (in this subsection referred to as second programme advances) in respect of any period preceding the day on which the Minister for Finance makes an order under paragraph (d) of this subsection,

(d) the Minister for Finance shall, immediately after the period of five years referred to in paragraph (c) of this subsection, examine the finances of the Board and shall then, having regard to the existing state of the finances of the Board and its future financial prospects, either—

(i) by order (in subsection (3) of this section referred to as the exemption order) exempt the Board from the liability to pay interest on second programme advances in respect of the period during which the order is in force, or

(ii) by order declare the Board liable to pay interest on second programme advances in respect of any period commencing on or after the day on which the order is made,

(e) where an order is made as aforesaid exempting the Board from the liability to pay interest on first or second programme advances, the Minister for Finance may at any time thereafter revoke it by a further order.”