Electricity (Supply) Act, 1927

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Repayment of advances made under this Act.

14.—(1) For the purpose of providing for the repayment by the Board of the advances made to it out of the Central Fund under this Act, the Board shall make to the Minister for Finance half-yearly payments commencing on such date, not being earlier than the 1st day of January, 1933 as the said Minister after consultation with the Minister for Industry and Commerce shall appoint and continuing for such number of years and being of such amounts and payable at such times as the said Minister after such consultation as aforesaid shall appoint, and different such dates, numbers of years, amounts, and times may be so appointed in respect of different portions of such advances.

(2) The several half-yearly payments to be made to the Minister for Finance by the Board under this section shall be applied by the said Minister as sinking funds for the repayment of the several portions of the advances in respect of which such half-yearly payments are made and when the Board has paid to the said Minister the full number of the half-yearly payments appointed under this section in respect of any portion of such advances (together with any interest which may have become payable under this section in respect of any of such half-yearly payments) such portion of such advances shall be deemed to be fully repaid by the Board without prejudice to the liability of the Board for any interest then unpaid in respect of such portion of such advances.

(3) If the Board fails to pay to the Minister for Finance any half-yearly payment or portion of a half-yearly payment payable by it to the said Minister under this section at the time appointed in that behalf under this section, the Board shall pay to the said Minister interest at the rate appointed by the said Minister on such half-yearly payment or portion of a half-yearly payment from the time appointed as aforesaid until the same is actually paid.

(4) All moneys paid by the Board to the Minister for Finance under this section shall be paid into the Exchequer in such manner as the said Minister shall from time to time direct.