Turf Development Act, 1946

Waiver of interest on certain advances to the Board.

57.—(1) The following provisions shall apply in respect of any advances (in this subsection referred to as the said advances) made to the Board under section 53 of this Act during the period (in this subsection referred to as the quinquennial period) of five years commencing on the establishment date, that is to say:—

(a) no interest shall be payable by the Board on the said advances in respect of any period ending on the day immediately preceding the date on which the Minister for Finance makes an order under paragraph (c) of this section,

(b) the Minister for Finance shall, immediately after the expiration of the quinquennial period, examine the finances of the Board,

(c) after such examination, the said Minister shall, having regard to the existing state of the finances of the Board and its future financial prospects, either—

(i) by order (in this section referred to as the exemption order) exempt the Board from the liability to pay interest on the said advances in respect of the period during which the exemption order is in force, or

(ii) by order declare the Board liable to pay interest on the said advances in respect of any period commencing on or after the date of the order,

(d) where the said Minister makes the exemption order, he may at any time thereafter by order revoke the exemption order.

(2) The Minister for Finance shall before making any order under subsection (1) of this section consult the Minister with regard to the proposed order.

(3) If the exemption order is made it shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution is passed by Dáil Éireann within the next subsequent twenty-one days on which Dáil Éireann has sat after the order is laid before it annulling the order, the order shall be annulled accordingly.