Transport Act 1958

Grants to Board.

10

10. (1) The Minister shall, out of moneys provided by the Oireachtas, make to the Board in the financial year beginning on the 1st day of April, 1959, and in each of the next four financial years an annual grant of F5 [ £ 1,175,000 ].

(2) The Board shall utilise such payments so far as may be necessary to defray the interest on its transport stock and may apply the balance for the purposes of its undertaking in such manner as it thinks fit.

(3) The provision for payment of interest made by subsection (2) is without prejudice to the continued operation of subsection (3) of section 30 of the Act of 1950.