National Oil Reserves Agency Act 2007

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Number 7 of 2007

NATIONAL OIL RESERVES AGENCY ACT 2007

ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1. Short Title and commencement.

2. Interpretation.

3. Expenses.

PART 2

Share Transfer

4. Transfer to Minister of share owned by Irish National Petroleum Corporation Limited in National Oil Reserves Agency Limited.

5. Share transfer day.

6. Transfer costs and stamp duty.

PART 3

The National Oil Reserves Agency

7. Continuation of Agency.

8. Object and functions of Agency.

9. Additional functions.

10. Share capital of Agency.

11. Issue of shares.

12. Exercise by Minister of functions exercisable by shareholders.

13. Memorandum and articles of association.

14. Board of directors.

15. Strategy statement.

16. Power to establish subsidiaries.

17. Power to charge and recover fees.

18. Power to engage consultants and advisers.

19. Chief executive (appointment and term of office).

20. Functions of chief executive.

21. Staff of Agency.

22. Superannuation.

23. Membership of either House of Oireachtas, European Parliament or local authority.

24. Unauthorised disclosure of confidential information.

25. Code of conduct.

26. Power to borrow.

27. Temporary borrowing.

28. Annual report.

29. Accounts and audit.

30. Information to Minister on performance of functions.

31. Information to Oireachtas on performance of functions.

PART 4

Maintenance of Oil Stocks

32. Duty of Agency.

33. Holding contracts.

34. Duties of Minister.

35. Release of oil stocks in cases of particular urgency.

PART 5

Levy on Relevant Disposals of Petroleum Products

36. Definitions for Part 5 .

37. Liability of oil companies and oil consumers to pay levy.

38. Exemptions from levy.

39. Volume assessment.

40. Calculation of levy.

41. Levy assessment notice.

42. Interest on unpaid amount of assessment.

43. Recovery of unpaid levy and interest.

44. Regulations relating to levy.

PART 6

Enforcement Provisions

45. Definitions for Part 6.

46. Authorised officers.

47. Powers of authorised officers.

48. Search warrants.

49. Duty of authorised officers to report certain matters.

50. Offences.

51. Indemnification.

PART 7

Amendments and Revocation

52. Amendment of section 7 of Act of 2001.

53. Amendment of section 8 of Act of 2001.

54. Amendment of section 9 of Act of 2001.

55. Amendment of Third Schedule to Freedom of Information Act 1997.

56. Revocation.

PART 8

Miscellaneous Provisions

57. Regulations to give effect to acts of European Communities.

58. Regulations and orders.

59. Minister’s power to make regulations relating to returns.

60. Laying of regulations and orders before Houses of Oireachtas.

61. Power of Minister to apply for compliance order and issue directions.

62. Minister’s prior approval required for certain contracts, holding contract obligations, etc.

63. Burden of proof in certain proceedings.

64. Prosecution of offences.

65. Offences by bodies corporate.

66. Penalties.

67. Giving of notices.

Acts Referred to

Number 7 of 2007

NATIONAL OIL RESERVES AGENCY ACT 2007

AN ACT TO PROVIDE FOR THE TRANSFER OF THE SHARE HELD BY THE IRISH NATIONAL PETROLEUM CORPORATION LIMITED IN THE NATIONAL OIL RESERVES AGENCY LIMITED TO THE MINISTER FOR COMMUNICATIONS, MARINE AND NATURAL RESOURCES; TO CONTINUE IN EXISTENCE THE NATIONAL OIL RESERVES AGENCY LIMITED AS AN GHNÍOMHAIREACHT CHÚLTACA OLA NÁISIÚNTA OR THE NATIONAL OIL RESERVES AGENCY; TO DEFINE ITS FUNCTIONS, INCLUDING THOSE RELATING TO OIL STOCKHOLDING OBLIGATIONS; TO IMPOSE A LEVY ON RELEVANT DISPOSALS OF PETROLEUM PRODUCTS; TO AMEND THE IRISH NATIONAL PETROLEUM CORPORATION LIMITED ACT 2001; AND TO PROVIDE FOR RELATED MATTERS.

[13th March, 2007]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: