No. 8/1927:

TELEPHONE CAPITAL ACT, 1927

ARRANGEMENT OF SECTIONS

1 Further grant for development of telephonic system.

2 Minister for Finance may borrow for purposes of this Act.

3 Preparation and audit of accounts.

4 Statements and accounts to be laid before the Oireachtas.

5 Short title and citation.

AN ACT TO GRANT FURTHER MONEY FOR THE DEVELOPMENT OF THE TELEPHONIC SYSTEM OF SAORSTÁT EIREANN AND FOR OTHER PURPOSES CONNECTED THEREWITH.

[19th March, 1927.]

BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

1.—In addition to the moneys authorised by the Telephone Capital Act, 1924 (No. 33 of 1924) the Minister for Finance may issue out of the Central Fund or the growing produce thereof such sums not exceeding in the whole the sum of five hundred thousand pounds as have been or may be required by the Minister for Posts and Telegraphs for the purpose of developing the telephonic system of Saorstát Éireann according to estimates approved by the Minister for Finance.

2.—(1) For the purpose of providing money for the sums by this Act authorised to be issued out of the Central Fund or of providing money for the repayment to the Central Fund of all or any sums issued thereout under the authority of this Act, the Minister for Finance may borrow by means of terminable annuities extending over a period not exceeding twenty years.

(2) All moneys borrowed under this section shall be paid into the Exchequer.

(3) All terminable annuities created under this section shall be paid out of moneys provided by the Oireachtas and, if those moneys are insufficient, shall be charged on and payable out of the Central Fund or the growing produce thereof.

3.—(1) Within eight months after the expiration of the financial year ended on the 31st day of March, 1927, and within eight months after the end of every subsequent financial year in which any sum is issued or expended under the authority of the Telephone Capital Act, 1924 (No. 33 of 1924) or of this Act or of any future Act with which this section is incorporated, the Minister for Posts and Telegraphs shall cause an account to be prepared in a form to be prescribed by the Minister for Finance showing the money expended and borrowed and the securities created under the authority of those Acts respectively.

(2) Every account of expenditure prepared pursuant to this section shall be transmitted to the Comptroller and Auditor-General, and shall be audited and reported on by him as an appropriation account in manner directed by the Exchequer and Audit Departments Acts, 1866 and 1921.

4.—(1) On or before the 30th day of November in The year 1927, and every subsequent year the Minister for Posts and Telegraphs shall lay before each House of the Oireachtas—

( a ) a statement showing the amount expended during the previous financial year on account of the annual charge in respect of terminable annuities created under the authority of the Telephone Capital Act, 1924 (No. 33 of 1924), or of this Act or of any future Act with which this section is incorporated, and

( b ) a statement of account in a form to be prescribed by the Minister for Finance showing the income and expenditure in respect of the telephone service during the previous financial year.

(2) If the Oireachtas shall not be sitting at the expiration of any time within which a statement or account is by this section required to be laid before it, such time shall be extended to the end of one week after the Oireachtas next resumes its sittings.

5.—(1) This Act may be cited as the Telephone Capital Act, 1927 .

(2) The Telephone Capital Act, 1924 (No. 33 of 1924), and this Act may be cited together as the Telephone Capital Acts, 1924 and 1927.