Transport Act 1958

C.I.E. 3% Transport Stock, 1955-60, to be a Government loan.

11

11. (1) The Minister for Finance shall be liable, to the exclusion of the Board, for the due payment of the principal, amounting to £9,889,083 of the Board's 3% Transport Stock, 1955-60 and that Stock shall be a Government loan for the purposes of the Government Loans (Conversion) Act, 1951.

(2) All moneys required for the due payment by the Minister for Finance of the principal of the stock referred to in subsection (1) shall F6 [ , with the approval of the Minister for Public Expenditure and Reform, ] be paid out of the Central Fund or the growing produce thereof.

(3) For the purpose of providing for payments out of the Central Fund under subsection (2), the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.

(4) The principal of and interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

(5) The Minister for Finance shall pay from the Central Fund to the Board the amounts necessary to defray the interest due from time to time after the 1st day of April, 1959, on the stock referred to in subsection (1) and the Board shall apply such moneys to the payment of the amounts due to the holders of that stock.

(6) All moneys required for the purpose of making the payments from the Central Fund referred to in subsection (5) shall be charged on the Central Fund and the growing produce thereof.

Annotations:

Amendments:

F6

Inserted (6.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), s. 49, commenced as per ss. 1(2), 6 and S.I. No. 401 of 2011.

Editorial Notes:

E43

Power pursuant to section exercised (3.06.1960) by 3% Transport Stock 1955-60 (Conversion) Regulations 1960 (S.I. No. 119 of 1960).