Railway Safety Act 2005

Borrowing by CIE for capital purposes.

130

130.—(1) This section comes into operation on such day or days as the Minister may by order or orders appoint and different days may be so appointed for the coming into operation of different subsections.

(2) The Transport Act 1964 is amended by substituting for section 5(2) (inserted by section 3 of the Transport Act 1985) the following:

“(2) The aggregate at any one time of borrowings under this section which have not been repaid shall not exceed €600,000,000.”.

(3) The State Guarantees (Transport) Act 1962 is amended by substituting for section 2(2) (inserted by section 4 of the Transport Act 1985 ) the following:

“(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section or by section 4(1) of the Transport Act 1974 , that the amount, or the aggregate amount, of principal which he or she may at any one time be liable to pay pursuant to a guarantee or guarantees under this section or section 4 of the Transport Act 1974 (or under both those sections), and for the time being in force, together with the amount of principal (if any) which he or she has previously paid pursuant to any such guarantees and which has not been repaid, exceeds €600,000,000.”.

Annotations:

Editorial Notes:

E70

Power pursuant to section exercised (1.07.2006) by Railway Safety Act 2005 (Section 130) (Commencement) Order 2006 (S.I. No. 347 of 2006).

2. The day appointed as the day on which section 130 of the Railway Safety Act 2005 (No. 31 of 2005) comes into operation is 1 July 2006.