Borrowing Powers of Certain Bodies Act, 1996

Certain leases.

8.—(1) Subject to subsection (2), a body, whose functions include the power to borrow money subject to the consent of the Minister, shall have and be deemed always to have had, as part of its functions, the power to enter into leases, other than a lease to which section 3 relates.

(2) The provisions of sections 4 , 5 , 6 and 7 shall not apply to leases or a class thereof, in respect of which a body is deemed under subsection (1) to have power to enter into, unless there was, at the time the contract relating to the lease concerned was entered into, a subsisting order under section 3 relating to such leases or a class thereof.

(3) The Minister may, after consultation with any other Minister of the Government who, having regard to the functions of the other Minister, the Minister considers ought to be consulted, specify the terms and conditions under which a body may engage in such leases or any class thereof.

(4) In this section, a reference to a body includes a reference to a subsidiary company or a holding company of the body and any subsidiary company of such holding company, and “subsidiary company” and “holding company” have the meanings given to them, respectively, by section 155 of the Companies Act, 1963 .