Turf Development Act, 1957

Borrowing powers of Board for performance of its functions.

1.—(1) The Board, with the consent of the Minister for Finance and the Minister, may, for the performance of its functions, borrow money by means of the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Board, with the consents aforesaid, may determine.

(2) The terms upon which moneys are borrowed under this section may include provisions charging the moneys and interest thereon upon all property of whatsoever kind for the time being vested in the Board or upon any particular property of the Board, and provisions establishing the priority of such charges amongst themselves and in relation to charges in respect of advances made, whether before or after the passing of this Act, to the Board out of the Central Fund and such terms may, notwithstanding anything to the contrary in any enactment, provide that any charge in respect of money borrowed under this section may rank before or equally with charges in respect of such advances.

(3) The total amount borrowed under this section shall not exceed two million pounds.

(4) The total of the sums advanced to the Board under section 53 of the Turf Development Act, 1946 (No. 10 of 1946), and any moneys borrowed under this section shall not exceed fourteen million pounds.