No. 25/1962:

STATE GUARANTEES (TRANSPORT) ACT, 1962

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Guarantees in respect of certain moneys payable by the Board.

3 Security for repayment of moneys paid under guarantee.

4 Advance out of Central Fund in respect of sums required to be paid under guarantee.

5 Repayment of moneys paid under guarantee.

6 Annual statement as to guarantees.

7 Borrowing by Minister.

8 Short title.

AN ACT TO PROVIDE FOR GUARANTEES BY THE MINISTER FOR FINANCE IN RESPECT OF MONEYS PAYABLE BY CORAS IOMPAIR EIREANN UNDER CONTRACTS ENTERED INTO BY CORAS IOMPAIR EIREANN WITH THE APPROVAL OF THE MINISTER FOR TRANSPORT AND POWER GIVEN WITH THE CONSENT OF THE MINISTER FOR FINANCE.

[7th August, 1962.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1.—In this Act—

"the Board" means Córas Iompair Éireann;

"guarantee" means, except in section 2 of this Act, a guarantee given under section 2 of this Act;

"the Minister" means the Minister for Finance.

2.—(1) The Minister may guarantee, in such form and manner and on such terms and conditions as he thinks fit, the due payment by the Board of any moneys payable by the Board under contracts for the provision of goods or services or both goods and services entered into by the Board, whether before or after the passing of this Act, with the approval of the Minister for Transport and Power given with the consent of the Minister or the payment of interest on such moneys or both the payment of the principal and the payment of the interest.

(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay pursuant to a guarantee or guarantees given under this section and for the time being in force, together with the amount of principal (if any) which he has previously paid pursuant to any such guarantees and has not been repaid, exceeds an amount equivalent to five million pounds.

3.—Where a guarantee has been given, the Board shall, if the Minister so requires, give to him such security as may be specified in the requisition for the purpose of securing to the Minister the repayment of any moneys which he may be liable to pay or have paid under the guarantee.

4.—Moneys required to be paid by the Minister in respect of sums due under a guarantee shall be advanced out of the Central Fund or the growing produce thereof.

5.—(1) Any advances out of the Central Fund or the growing produce thereof for the purposes of section 4 of this Act shall be repaid to the Minister (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) by the Board within two years from the date of the advance.

(2) Where the whole or any part of moneys advanced under section 4 of this Act has not been repaid to the Minister in accordance with subsection (1) of this section, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(3) Notwithstanding the provision of moneys under subsection (2) of this section to repay an amount to the Central Fund, the Board shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) shall be repaid to the Minister by the Board at such times and in such instalments as the Minister appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.

(4) Moneys repaid by the Board to the Minister, or recovered from the Board by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer.

6.—The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out as respects each guarantee given during such year or given at any time before, and in force at, the commencement of such year—

( a ) particulars of the guarantee,

( b ) in case any payment has been made by the Minister under the guarantee before the end of such year, the amount of the payment and the amount (if any) repaid to the Minister in respect of the payment,

( c ) the amount for which the Minister would, if the guarantee were enforced immediately upon the expiration of such year, be liable as principal under the guarantee.

7.—(1) For the purpose of providing for advances out of the Central Fund under this Act, the Minister may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.

(2) The principal of and interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

8.—This Act may be cited in the State Guarantees (Transport) Act, 1962 ,