Forestry Act, 1988

Financing of capital works.

26.—(1) (a) The Minister for Finance, after consultation with the Minister, may provide funds to the company for capital purposes by way of—

(i) Exchequer repayable advances, or

(ii) subscription for shares in the company, or

(iii) both such advances and subscription.

(b) The aggregate amount of funds provided under paragraph (a) shall not exceed £100 million.

(2) Exchequer advances provided under subsection (1) (a) shall be made on such terms as to repayment, interest, and other matters as may be determined by the Minister for Finance.

(3) If the company fails to make a repayment as required under subsection (2), the company shall remain liable to the Minister for Finance in respect of the unpaid amount and that amount (with interest thereon at such rate or rates as the said Minister appoints) shall be repaid to the said Minister by the company at such times and in such instalments as he appoints and, in default of payment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.