Electricity (Supply) (Amendment) Act, 1945

Repayment by the Board of advances out of the Central Fund.

40.—(1) Every sum advanced out of the Central Fund to the Board under this Act (other than sums which are repayable to the Central Fund out of moneys provided by the Oireachtas) shall be repayable by the Board at such times, in such manner, and with interest at such rate as shall be prescribed by the Minister for Finance, and every such sum and the interest thereon shall forthwith become and be a first charge on the works executed by the Board under this Act (including works executed by the Board in pursuance of an approved scheme) and a floating charge on all property of whatsoever kind (other than the said works so executed by the Board) from time to time vested in or owned by the Board.

(2) No floating charge created by the foregoing subsection of this section shall operate to prevent or restrict the alienation or other dealing by the Board of or with any property affected by such floating charge in the due and proper exercise or performance of the statutory powers and duties of the Board.

(3) Every charge (whether specific or floating) created by this section shall be vested in the Minister for Finance and may be enforced by that Minister in due form of law whenever he shall think proper so to do and whether any interest or any capital or instalment of capital secured by such charge is or is not due and unpaid.

(4) All moneys paid by or recovered from the Board in respect of the repayment of the capital of or the payment of the interest on a sum advanced to the Board under this section shall be paid into or disposed of for the benefit of the Exchequer at such time and in such manner as the Minister for Finance shall direct.