National Development Finance Agency (Amendment) Act 2007

Expenses of Agency.

10.— The Principal Act is amended by substituting the following for section 26:

“26.— (1) Subject to subsections (2), (3) and (4), the expenses incurred by the Agency in the performance of its functions shall be charged on and paid out of the Central Fund or the growing produce thereof.

(2) The expenses incurred by the Agency in the performance of functions under paragraphs (b) and (d) of section 3(1) (including any payments in respect of interest and principal) shall be charged on and paid out of repayments (including repayments in respect of interest and principal), to the extent of the repayment concerned, to the Agency on loans advanced by it or out of any surplus accruing to the Agency.

(3) (a) The expenses incurred by the Agency in the performance of functions under paragraphs (a), (c), (e) and (f) of section 3(1) in relation to a specific project or specific arrangement referred to in those paragraphs shall, as soon as practicable after they are paid by the Agency, be repaid to the Agency by the appropriate State authority or State authorities concerned with that project or arrangement.

(b) The Agency shall, as soon as practicable after receiving a repayment for the purposes of paragraph (a), repay it to the Exchequer.

(4) In this section ‘expenses’ includes remuneration and allowances for expenses payable under section 12(5) to Board members and any fee payable to a consultant or adviser or other service provider engaged by the Agency under this Act.”.