Gas Act 1976

F51[Directions as to profits and financial objectives of Board

11

11. — (1) (a) The majority-shareholding Minister (with, where the majority- shareholding Minister is not the Minister for Finance, the approval of the Minister for Finance) having consulted with the Minister, the Minister for Public Expenditure and Reform and any other Minister of the Government who, in the opinion of the majority-shareholding Minister having regard to the functions of that other Minister, ought to be consulted may, from time to time, give the Board such general directives concerning the financial objectives of the Board as he or she considers appropriate.

(b) The majority-shareholding Minister (with, where the majority-shareholding Minister is not the Minister for Finance, the approval of the Minister for Finance) having consulted with the Minister, the Minister for Public Expenditure and Reform and any other Minister of the Government who, in the opinion of the majority-shareholding Minister having regard to the functions of that other Minister, ought to be consulted may, from time to time, direct that the profits of the Board in a year specified in the direction shall be applied in such manner (including application for the benefit of the Exchequer) as is specified in the direction.

(2) In performing its functions the Board shall—

(a) comply with any direction under this section, and

(b) have regard to any directive under this section concerning its financial objectives.]

Annotations:

Amendments:

F51

Substituted (23.11.2015) by Gas Regulation Act 2013 (39/2013), s. 35, S.I. No. 520 of 2015.

Editorial Notes:

E47

The section title is taken from the amending section in absence of one included in the amendment.

E48

Previous affecting provision: functions transferred and references to “Department of Finance” and “Minister for Finance” in subss. (1)(a), (b) construed (29.07.2011) by Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 (S.I. No. 418 of 2011), arts. 2, 3, 5 and sch. 1 part 2, in effect as per art. 1(2), subject to transitional provisions in arts. 6-9; section substituted (23.11.2015) as per F-note.

E49

Previous affecting provision: section substituted (10.04.2002) by Gas (Interim) (Regulation) Act 2002 (10/2002), s. 15, commenced on enactment; section substituted (23.11.2015) as per F-note above.

E50

Previous affecting provision: subss. (1), (3) substituted and subs. (4) amended (21.12.1995) by Energy (Miscellaneous Provisions) Act 1995 (35/1995), s. 2(2)(a)-(c), commenced on enactment; section substituted (23.11.2015) as per F-note above.