15. —The following section is substituted, on the appointed day, for section 11 (as amended by section 2(2) of the Act of 1995) of the Gas Act, 1976.

“11.—(1) (a) The Minister may, from time to time, with the consent of the Minister for Finance, give the Board such general directives concerning the financial objectives of the Board, as he or she considers appropriate.

(b) The Minister may, from time to time, with the consent of the Minister for Finance, 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.”.