No. 37/1983:

TRANSPORT ACT, 1983

ARRANGEMENT OF SECTIONS

Section

1. Definitions.

2. Borrowing by Board for capital purposes.

3. Guarantees in respect of certain moneys payable by Board.

4. Temporary borrowing powers of Board.

5. State guarantee of temporary borrowings by Board.

6. Expenses.

7. Short title.

ACTS REFERRED TO

Number 37 of 1983

TRANSPORT ACT, 1983

AN ACT TO MAKE FURTHER PROVISION IN RELATION TO TRANSPORT.

[20th December, 1983]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

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

"the Act of 1981" means the Transport Act, 1981 .

2.—The following is substituted for section 5 (2) of the Transport Act, 1964 (inserted by the Act of 1981):

"(2) The aggregate at any one time of borrowings under this section which have not been repaid shall not exceed £230,000,000.".

3.—The following is substituted for section 2 (2) of the State Guarantees (Transport) Act, 1962 (inserted by the Act of 1981):

"(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 £230,000,000.".

4.—The following is substituted for section 28 (1) (c) of the Act of 1950 (inserted by the Act of 1981):

"( 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 £40,000,000.".

5.—The following is substituted for section 30 (1) (b) of the Act of 1950 (inserted by the Act of 1981):

"( b ) The Minister for Finance shall not so exercise the powers conferred on him by this subsection that the amount, or 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 £40,000,000.".

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

7.—This Act may be cited as the Transport Act, 1983 .