Microenterprise Loan Fund Act 2012

4.

Microenterprise Loan Fund.

4.— (1) All grants made to the subsidiary under section 5 and all gift and other income shall be known collectively as the Microenterprise Loan Fund and in this Act are referred to as the “Fund”.

(2) The subsidiary shall for the purposes of the performance of its functions under this Act, open such accounts as, in accordance with any arrangement under subsection (4) , it determines.

(3) All grants made to the subsidiary under section 5 and all gift and other income shall be paid into accounts of the subsidiary opened under this section.

(4) The Minister may, with the consent of the Minister for Public Expenditure and Reform, make an arrangement with the subsidiary as respects the opening and maintenance of accounts by the subsidiary, and such arrangement may make provision in relation to the payment of moneys into such accounts and the transfer of moneys between such accounts.

(5) In this section “gift and other income” means—

( a) all income derived from any investment made by the subsidiary under section 6 ,

( b) the proceeds of the sale or other disposal of any investments made by the subsidiary under section 6 ,

( c) gifts of money received by the subsidiary in accordance with section 9 ,

( d) income derived from any gift accepted by the subsidiary in accordance with section 9 ,

( e) the proceeds of the sale or other disposal of all gifts of land or other property accepted by the subsidiary in accordance with section 9 ,

( f) moneys paid to the subsidiary in accordance with subsection (5) of section 9 , and

( g) the proceeds of the sale or other disposal of any land or other property paid to the subsidiary in accordance with subsection (6) of section 9 .