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

Winding up of Scholarship Exchange Fund and dissolution of Board.

6.—(1) The Scholarship Exchange Fund shall be wound up under section 18 of the Act of 1957 on such day as the Minister and the representative of the United States agree upon notwithstanding that liabilities of that fund may remain to be discharged and that section shall stand modified accordingly.

(2) All liabilities, whether arising prior to or subsequent to the winding up of the Scholarship Exchange Fund and the dissolution of An Bord Scoláireachtaí Cómhalairte, which that body would be legally bound to discharge if it were in existence shall be discharged by the Commission and shall, with the sanction of the Minister for Finance, be paid out of the funds of the Ireland-United States Educational Fund.