Gas Act, 1976

Borrowing by Board for capital purposes.

23.—(1) The Board may from time to time borrow money, including money in a currency other than the currency of the State, to defray expenditure incurred by it that is properly chargeable to capital.

(2) The aggregate at any one time either of borrowings under this section, or of such borrowings and any advances under section 22 of this Act, which have not been repaid, shall not exceed £25,000,000.

(3) The Board shall not borrow money under this section except with the prior consent of the Minister given with the approval of the Minister for Finance.

(4) For the purposes of calculating the amount of borrowings by reference to the limit on principal in subsection (2) of this section the equivalent in the currency of the State of borrowings in a foreign currency shall be calculated at the exchange rate prevailing at the time of the borrowing.