Minerals Company Act, 1947

Prospecting, etc., by the Company.

5.—(1) The Company may, in accordance with a scheme (in this section referred to as an approved scheme) approved by the Minister, and shall, if so required by the Minister, prospect, explore and develop any particular land (being land in the possession of the Company or land in respect of which it holds a prospecting licence) for the purpose of ascertaining the nature and quantity of the minerals in such land and the advisability of working such minerals.

(2) For the purpose of enabling the Company to meet the expenses of carrying out an approved scheme or of complying with a requisition of the Minister under subsection (1) of this section, the Minister, with the consent of the Minister for Finance, may, in the financial year current at the operative date and in each of the six following financial years, pay to the Company, out of moneys provided by the Oireachtas, a sum not exceeding eighty-five thousand pounds.

(3) Any sum paid to the Company under subsection (2) of this section shall be expended for the purpose for which it was paid and for no other purpose.