Electricity (Supply) (Amendment) Act, 1954

Limitation on total expenditure for general purposes.

2.—(1) The total expenditure of the Board for general purposes, that is to say, for capital purposes other than the electrification of rural areas shall not exceed one hundred million pounds.

(2) Capital expenditure for the purpose of this section shall comprise—

(a) the sum of £6,030,066, being the expenditure on the Shannon Works for which the Board became liable under section 15 of the Electricity (Supply) Act, 1927 (No. 27 of 1927), on the handing over of the Works to the Board;

(b) the sum of £38,094,570, being the amount of the advances to the Board out of the Central Fund up to the 31st day of December, 1953, under the Acts for general purposes;

(c) all sums credited to the Board's General Assets Depreciation Reserve which are temporarily utilised to finance new capital projects;

(d) all sums borrowed under section 8 of the Electricity Supply Board (Superannuation) Act, 1942 (No. 17 of 1942), from the trustees of a superannuation fund;

(e) all sums borrowed temporarily under section 3 for new capital projects;

(f) (i) such further sums as may be advanced to the Board for general purposes under the Acts within the total existing limit of £58,945,000 (that is to say, £13,445,000 under the Electricity (Supply) Acts, 1927 to 1942, and £45,500,000 under the Electricity (Supply) Act, 1945 (No. 12 of 1945), as amended), and

(ii) all sums advanced to, or borrowed by, the Board under this Act for general purposes,

except to the extent that any such sums are applied to recoup the General Assets Depreciation Reserve for moneys utilised to finance new capital projects or to repay sums borrowed for such projects under section 3 or borrowed from the trustees of a superannuation fund.

(3) The Minister for Finance shall not advance moneys to the Board and the Board shall not borrow moneys from any source if its capital expenditure would thereby exceed the limitation imposed by this section.