No. 35/1947:

MINERALS COMPANY ACT, 1947

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Release of the Company from certain liabilities.

3 Advances to the Company for the working of the Slievardagh Coalfield.

4 Application by the company for prospecting licences.

5 Prospecting, etc., by the Company.

6 Amendment of section 24 of the Principal Act.

7 Furnishing of information by the Company.

8 Restriction of publication of results of operations by the Company.

9 Cesser of advances under section 10 of the Principal Act.

10 Cesser of operation of section 13 of the Principal Act.

11 Short title and collective citation.

AN ACT TO AMEND THE MINERALS EXPLORATION AND DEVELOPMENT COMPANY ACT, 1941 , AND THE MINERALS COMPANY ACT, 1945 .

[10th December, 1947.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1.—In this Act—

the expression "the Amending Act of 1945" means the Minerals Company Act, 1945 (No. 7 of 1945);

the expression "the Company" means Mianraí, Teoranta;

the expression "the dissolved company" means Commucht Gual-Láthrach Shliabh Ardachadh, Teoranta, dissolved by section 5 of the Amending Act of 1945;

the expression "the Minister" means the Minister for Industry and Commerce;

the expression "the operative date" means the date of the passing of this Act;

the expression "the Principal Act" means the Minerals Exploration and Development Company Act, 1941 (No. 13 of 1941) as amended by the Amending Act of 1945;

the expression "prospecting licence" means a prospecting licence within the meaning of the Minerals Development Act, 1940 (No. 31 of 1940)

the expression "the repealed Act" means the Slievardagh Coalfield Development Act, 1941 (No. 8 of 1941), repealed by the Amending Act of 1945.

2.—(1) In this section the expression "the advances under the repealed Act and the Principal Act" means—

( a ) the advances made to the dissolved company under section 9 of the repealed Act, and

( b ) the advances made to the Company under section 10 of the Principal Act.

(2) The Minister for Finance shall, as soon as may be after the 30th September, 1947, issue a certificate in writing certifying—

( a ) the sum (in this section referred to as the certified value of the assets of the Company) which in his opinion represents the value of the assets of the Company as on the 30th day of September, 1947,

( b ) the sum (in this section referred to as the certified liabilities of the Company) due to the Minister by the Company on the 30th day of September, 1947, on foot of the advances under the repealed Act and the Principal Act and the interest thereon.

(3) On the date of the issue of the certificate mentioned in subsection (2) of this section, the Company shall, by virtue of this subsection, stand released from the liability to pay to the Minister so much of the certified liabilities of the Company as is equal to the difference between the certified value of the assets of the Company and the certified liabilities of the Company.

3.—(1) The Minister may, from time to time, with the consent of the Minister for Finance, advance to the Company, out of moneys provided by the Oireachtas, such sums (not exceeding in the aggregate fifty thousand pounds) as the Company may require to develop and work the Slievardagh Coalfield and to make marketable and sell coal and other minerals got by such working.

(2) Sections 11 and 12 of the Principal Act shall apply in respect of any, sums advanced under subsection (1) of this section in like manner as the said sections apply in respect of sums advanced under section 10 of the Principal Act.

(3) In this section the expression "the Slievardagh Coalfield" means the State minerals (within the meaning of the Minerals Development Act, 1940 (No. 31 of 1940 demised by an Indenture of Lease dated the 1st day of May, 1942, and made between the Minister of the first part, the Minister for Finance of the second part and the dissolved company of the third part.

4.—The Company may and shall, if so required by the Minister apply to the Minister for the grant of a prospecting licence in respect of any particular land.

5.—(1) The Company may, in accordance with a scheme (in this section referred to as an approved scheme) approved by the Minister, and shall, if so required by the Minister, prospect, explore and develop any particular land (being land in the possession of the Company or land in respect of which it holds a prospecting licence) for the purpose of ascertaining the nature and quantity of the minerals in such land and the advisability of working such minerals.

(2) For the purpose of enabling the Company to meet the expenses of carrying out an approved scheme or of complying with a requisition of the Minister under subsection (1) of this section, the Minister, with the consent of the Minister for Finance, may, in the financial year current at the operative date and in each of the six following financial years, pay to the Company, out of moneys provided by the Oireachtas, a sum not exceeding eighty-five thousand pounds.

(3) Any sum paid to the Company under subsection (2) of this section shall be expended for the purpose for which it was paid and for no other purpose.

6.—In paragraph (e) of subsection (2) of section 24 of the Principal Act the words "three per cent." shall be substituted for the words "five per cent."

7.—(1) The Company shall, as soon as may be after the 31st day of December in each year, furnish to the Minister the result of the prospecting, exploration and development work carried out by it in that year.

(2) The Company shall furnish to the Minister such information regarding its operations as the Minister may from time to time require.

8.—The Company shall not publish the results of any prospecting, exploration and development work carried out by it or any information in relation thereto without the Previous consent of the Minister.

9.—No advances shall be made to the Company on or after the Operative date under section 10 of the Principal Act.

10.—On and after the operative date—

( a ) no requisition shall be made by the 'Minister under subsection (1) of section 13 of the Principal Act, and

( b ) no payments shall be made to the Company under subsection (3) of the said section 13.

11.—(1) This Act may be cited as the Minerals Company Act, 1947 .

(2) The Principal Act, the Amending Act of 1945, and this Act may be cited together as the Minerals Company Acts, 1941 to 1947.