Electricity (Supply) (Amendment) Act, 1954

Redemption Fund.

12.—(1) After providing for the payment of interest on securities created under section 4 and for other fixed charges and obligations, the Board shall from time to time set aside such sums as it considers proper for the purpose of forming a fund for the redemption of any security which under the conditions of issue is redeemable wholly or partly in cash.

(2) The Board may invest any sums set aside under this section and the income therefrom in—

(a) such securities for the time being authorised by law for the investment of trust funds as the Board, after consultation with the Minister for Finance, thinks proper;

(b) such other securities for the time being approved of in that behalf by the Minister for Finance as the Board thinks proper.

(3) (a) All sums set aside under this section together with the income therefrom shall be applied in or towards the redemption at maturity of any security for the redemption of which they have been set aside or may, if the Board thinks fit, be applied to the purchase of any such security and any security so purchased shall be written off and cancelled.

(b) Except with the approval of the Minister for Finance, the Board shall not under this subsection purchase any security at a price exceeding the sum of the following—

(i) the redemption price of the security, and

(ii) any interest accrued due on the security at the date of purchase and payable to the purchaser.