Gas Act 1976

Borrowing by Board for capital purposes.

23

23. (1) The Board may from time to time borrow money, including money in a currency other than the currency of the State, to defray expenditure incurred by it that is properly chargeable to capital F75[and such borrowing may be by whatever means the Board considers appropriate including the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Board may, F76[with the prior consent of the majority-shareholding Minister, given where the majority-shareholding Minister is not the Minister for Finance with the approval of the Minister for Finance], determine].

(2) The aggregate at any one time either of borrowings under this section, or of such borrowings and any advances under section 22 of this Act, which have not been repaid, shall not exceed F77[3,000,000,000].

F76[(3) The Board shall not borrow money under this section except with the prior consent of the majority-shareholding Minister given (where the majority-shareholding Minister is not the Minister for Finance, with 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.]

(4) For the purposes of calculating the amount of borrowings by reference to the limit on principal in subsection (2) of this section the equivalent in the currency of the State of borrowings in a foreign currency shall be calculated at the exchange rate prevailing at the time of the borrowing.

F75[(5) Any security created under subsection (1) of this section shall be deemed to be included amongst the securities in which trustees may invest trust funds under the powers of section 1 (inserted by the Trustee (Authorised Investments) Act, 1958) of the Trustee Act, 1893.]

Annotations

Amendments:

F75

Inserted (21.12.1995) by Energy (Miscellaneous Provisions) Act 1995 (35/1995), s. 9(a), (b), commenced on enactment.

F76

Substituted (23.11.2015) by Gas Regulation Act 2013 (39/2013), s. 32(k)(i), (ii), S.I. No. 520 of 2015.

F77

Substituted (17.02.2009) by Gas (Amendment) Act 2009 (3/2009), s. 1, commenced on enactment.

Modifications (not altering text):

C18

Functions conferred on the Minister for Finance transferred to the Minister for Public Expenditure and Reform (6.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), ss. 9(2), 20(1) and sch. 2 part 1, S.I. No. 401 of 2011.

Transfer of certain other functions to Minister.

9. — ...

(2) The functions conferred on the Minister for Finance by or under any of the provisions specified in Part 1 of Schedule 2 are transferred to the Minister.

...

Performance of certain functions transferred to Minister by section 9.

20.— (1) The Minister shall not perform a function transferred by subsection (2) of section 9 without the consent of the Minister for Finance.

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SCHEDULE 2

Functions Transferred To Minister

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PART 1

Functions performable with consent of Minister for Finance

STATUTES

Number and Year

Short Title

Provision

(1)

(2)

(3)

...

...

...

No. 30 of 1976

Gas Act 1976

Sections 8A, 23 and 24

...

...

...

Editorial Notes:

E78

Previous affecting provision: subs. (2) amended (27.02.2002) by Sustainable Energy Act 2002 (2/2002), s. 31, commenced on enactment; substituted (17.02.2009) as per F-note above.

E79

Previous affecting provision: subs. (2) amended (10.07.2000) by Gas (Amendment) Act 2000 (26/2000), s. 18, commenced on enactment; substituted (27.02.2002) as per E-note above.

E80

Previous affecting provision: subs. (2) amended (7.04.1993) by Gas (Amendment) Act 1993 (7/1993), s. 4, commenced on enactment; substituted (10.07.2000) as per E-note above.

E81

Previous affecting provision: subs. (2) amended (9.07.1987) by Gas (Amendment) Act 1987 (9/1987), s. 5, commenced on enactment; substituted (7.04.1993) as per E-note above.

E82

Previous affecting provision: subs. (2) amended (21.07.1982) by Gas (Amendment) Act 1982 (17/1982), s. 1, commenced on enactment; substituted (9.07.1987) as per E-note above.

E83

Previous affecting provision: subs. (2) amended (16.12.1980) by Gas (Amendment) Act 1980 (35/1980), s. 1, commenced on enactment; substituted (21.07.1982) as per E-note above.