Turf Development Act, 1946

Release of the Board from certain State debts.

64.—(1) If it appears from the balance sheet of the dissolved company, as certified by the auditors of the dissolved company, that, immediately before the establishment date, the liabilities (including the State debt) of the dissolved company exceeded its assets (the amount of which excess is in this subsection referred to as the deficit), then, the Minister for Finance shall, with effect as on and from the establishment date, release the Board from so much of the State debt as equals the deficit or fifty thousand pounds, whichever is the lesser.

(2) In this section, the expression “the State debt” means the sum which, immediately before the establishment date, was owing by the dissolved company to the Minister for Finance.