No. 23/1981:

TRANSPORT ACT, 1981

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Borrowing by Board for capital purposes.

3 Advances to Board by Minister for Finance for capital purposes.

4 Guarantees in respect of certain moneys payable by Board.

5 Temporary borrowing powers of Board.

6 State guarantee of temporary borrowings by Board.

7 Expenses.

8 Short title.

AN ACT TO MAKE FURTHER PROVISION IN RELATION TO TRANSPORT.

[25th July, 1981]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Act of 1962" means the State Guarantees (Transport) Act, 1962 ;

"the Act of 1950" means the Transport Act, 1950 ;

"the Act of 1964" means the Transport Act, 1964 ;

"the Act of 1974" means the Transport Act, 1974 .

2.—The following are substituted for sections 5 (2) and 5 (4) respectively of the Act of 1964 (inserted by the Act of 1974):

"(2) The aggregate at any one time of borrowings under this section which have not been repaid shall not exceed £180,000,000.

(4) In relation to the aggregate at any one time of borrowings specified in subsection (2) of this section, borrowings in a currency other than the currency of the State shall be calculated as the equivalent in the currency of the State by reference to the exchange rate prevailing at the time of the borrowing.".

3.—The following is substituted for section 4 (1) of the Act of 1964 (inserted by the Act of 1974):

"(1) The Minister for Finance may, on the recommendation of the Minister, advance from time to time to the Board such sums (not exceeding in the aggregate £180,000,000) as he thinks proper towards the cost of defraying expenditure incurred by the Board which is properly chargeable to capital.".

4.—(1) The following is substituted for section 2 (2) of the State Guarantees (Transport) Act, 1962 :

"(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section or by section 4 (1) of the Transport Act, 1974 , 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 under this section or section 4 of the Transport Act, 1974 (or under both those sections), 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 which has not been repaid, exceeds £180,000,000.".

(2) The following is inserted after section 2 (2) of the State Guarantees (Transport) Act, 1962 (inserted by this Act):

"(3) For the purposes of calculating the amount of moneys guaranteed by the Minister under this section by reference to the limit on principal in subsection (2) of this section, the equivalent in the currency of the state of moneys in a currency other than the currency of the State shall be calculated at the exchange rate prevailing at the time of the giving of the guarantee.".

5.—The following is substituted for section 28 (1) (c) of the Act of 1950 (inserted by the Act of 1974):

"( c ) The Board shall not in any case so exercise its powers under paragraph (a) of this subsection that its total indebtedness in respect of temporary borrowing exceeds at any one time £20,000,000.".

6.—The following is substituted for section 30 (1) (b) of the Act of 1950 (inserted by the Act of 1974):

"( b ) The Minister for Finance shall not so exercise the powers conferred on him by this subsection that the amount, or the aggregate amount, of principal which he may at any one time be liable to repay on foot of any guarantee or guarantees under this subsection for the time being in force, together with the amount of principal (if any) which that Minister has previously paid on foot of any guarantee under this subsection and has not been repaid by the Board, exceeds £20,000,000.".

7.—The expenses incurred in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

8.—This Act may be cited as the Transport Act, 1981 .

ACTS REFERRED TO