Energy (Miscellaneous Provisions) Act, 1995

Power of Bord Gáis Éireann to issue securities.

9.—Section 23 of the Act of 1976 is hereby amended—

(a) by the insertion in subsection (1) after “chargeable to capital” of the following:

“and such borrowing may be by whatever means the Board considers appropriate including the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Board may, with the prior consent of the Minister given with the approval of the Minister for Finance, determine”; and

(b) by the addition of the following subsection:

“(5) Any security created under subsection (1) of this section shall be deemed to be included amongst the securities in which trustees may invest trust funds under the powers of section 1 (inserted by the Trustee (Authorised Investments) Act, 1958 ) of the Trustee Act, 1893 .”,

and the said subsection (1), as so amended, is set out in the Table to this section.

TABLE

(1) The Board may from time to time borrow money, including money in a currency other than the currency of the State, to defray expenditure incurred by it that is properly chargeable to capital and such borrowing may be by whatever means the Board considers appropriate including the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Board may, with the prior consent of the Minister given with the approval of the Minister for Finance, determine.