No. 22/1975:

TURF DEVELOPMENT ACT, 1975

ARRANGEMENT OF SECTIONS

1 Definition.

2 Amendment of section 1 of Act of 1957.

3 Waiver of certain interest on advances to Board.

4 Amendment of section 3 of Act of 1957.

5 Amendment of section 6 of Turf Development Act, 1953.

6 Short title, construction and collective citation.

AN ACT TO AMEND AND EXTEND THE TURF DEVELOPMENT ACTS, 1946 TO 1968.

[5th August, 1975]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act "the Act of 1957" means the Turf Development Act, 1957 .

2.—Section 1 of the Act of 1957, is hereby amended by—

( a ) the insertion of ", including money in a currency other than the currency of the State, " after "money" in subsection (1), and the said subsection (1), as so amended, is set out in the Table to this paragraph;

TABLE

(1) The Board, with the consent of the Minister for Finance and the Minister, may, for the performance of its functions, borrow money, including money in a currency other than the currency of the State, by means of the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Board, with the consents aforesaid, may determine;

( b ) the substitution in subsection (4) of "sixty million pounds for "twenty-eight million pounds" (inserted therein by section 2 of the Turf Development Act, 1965 ) and the said subsection (4), as so amended, is set out in the Table to this paragraph;

(4) The total of the sums advanced to the Board under section 53 of the Turf Development Act, 1946 (No. 10 of 1946), and any moneys borrowed under this section shall not exceed sixty million pounds;

( c ) the addition to the section of the following subsection:

"(5) In relation to money borrowed under this section in a currency other than the currency of the State, the rate of exchange shall be the rate of exchange for the time being for that currency in the currency of the State.".

3.—(1) The Minister for Finance, after consultation with the Minister may, having examined the finances of the Board and having regard to the existing state of the finances of the Board and its future financial prospects, and subject to such terms and conditions as the Minister for Finance may determine after such consultation, by order waive all or part of the interest due by the Board in respect of the five-year period commencing on the 1st day of August, 1975, on sums advanced to the Board in relation to its third development programme (in this section referred to as third programme advances) under section 53 of the Turf Development Act, 1946 .

(2) After the expiration of the period mentioned in subsection (1) of this section the Minister for Finance, after consultation with the Minister, may, having examined the finances of the Board and having regard to the existing state of the finances of the Board and its future financial prospects, and subject to such terms and conditions as the Minister for Finance may determine after such consultation, by order waive all or a specified part of the interest due by the Board on third programme advances under the said section 53 as regards the period beginning on the commencement of the order and ending when the order ceases to be in force.

(3) In case the Minister for Finance makes an order under subsection (2) of this section, he shall specify in the order the period for which, subject to subsection (4) of this section, the order is to be in force.

(4) The Minister for Finance may, after consultation with the Minister, by order amend or revoke an order under this section (including an order under this subsection).

(5) Every order made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next twenty-one days on which that House has sat after the order is laid before it, the order shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

4.—Section 3 of the Act of 1957 is hereby amended by—

( a ) the substitution of the following subsection for subsection (1):

"(1) The Minister for Finance may guarantee, in such form and manner and on such terms and conditions as he thinks fit, the due repayment by the Board of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed by the Board under section 1 of this Act or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest and any such guarantee may include a guarantee of payment of incidental expenses arising in connection with such borrowings.";

( b ) the addition to the section of the following subsections:

"(6) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose 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 otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.

(7) The principal of and interest on all securities issued under subsection (6) of 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) Moneys paid by the Board under subsection (3) or (5) of this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit.

(9) In relation to guarantees given by the Minister for Finance in money in a currency other than the currency of the State—

(i) each of the references to principal, each of the references to interest and the reference to incidental expenses in subsection (1) of this section shall be taken as referring to he equivalent in currency of the State of the dual principal, he actual interest and the actual incidental expenses, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal, the actual interest or the actual incidental expenses, as may be appropriate,

(ii) the reference to principal in section 4 of this Act shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange for the time being for that currency and the currency of the State,

(iii) each of the references to moneys in subsections (2) and (5) of this section shall be taken as referring to the cost in currency of the State of the actual moneys,

(iv) each of the references to advances in subsections (3) and (4) of this section shall be taken as referring to the cost in currency of the State of the actual moneys comprised in advances.".

5.— Section 6 (2) of the Turf Development Act, 1953 , is hereby amended by the insertion after paragraph (b) of the following paragraph:

"( bb ) the making tooth fund by persons to whom the scheme applies of payments in respect of benefits which are both specified in the scheme and additional to the benefits to which contributions by such persons, under provisions included in the scheme by virtue of paragraph (b) of this subsection, relate,".

6.—(1) This Act may be cited as the Turf Development Act, 1975 .

(2) The Turf Development Acts, 1940 to 1968, and this Act shall be construed together as one Act and may be cited together as the Turf Development Acts, 1946 to 1975.