Transport Act, 1987

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Borrowing Powers.

3.—(1) The Board may, with the previous consent of the Minister, given with the approval of the Minister for Finance, borrow such moneys, including moneys in a currency other than the currency of the State, as it may require, for meeting its obligations and carrying out its duties.

(2) The Board shall exercise the powers conferred on it by this section so that the amount or amounts of principal which the Board may at any particular time be liable to repay on foot of any liability or liabilities incurred under this section does not or do not in their aggregate exceed £45,000,000.

(3) In relation to the aggregate at any one time of the amount or amounts of principal specified in subsection (2) of this section, borrowings in a currency other than the currency of the State shall be calculated as the equivalent in the currency of the State by reference to the exchange rate prevailing at the time of the borrowing.