PART VI.

Advances to the Board out of the Central Fund.

38. —(1) In addition to the sums which the Minister for Finance is required or authorised by the Electricity (Supply) Acts, 1927 to 1942, to advance to the Board, the Minister for Finance may, on the recommendation of the Minister, advance to the Board out of the Central Fund or the growing produce thereof as and when requested by the Board so to do such sums (subject to the limitations imposed by the next following subsection of this section) as the Board may require for any purpose arising in the performance of its functions under the Electricity (Supply) Acts, 1927 to 1942, or this Act, other than purposes or functions under this Act in respect of which express provision is made by this Act for advances or grants by the Minister for Finance to the Board.

(2) The total amount of the sums advanced to the Board under the foregoing subsection of this section shall not exceed the sum of seven million, five hundred thousand pounds, and the sum so advanced for the purpose of carrying out any particular approved scheme shall not exceed the sum prescribed in that behalf by the Minister, with the consent of the Minister for Finance, by the approval order relating to that approved scheme or by a subsequent order amending in this respect such approval order.

39. —(1) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this Act or for the repayment to that Fund of all or any part of the sums so advanced or for paying off any securities issued under this section so far as such payment is not otherwise provided for, borrow money by means of the issue of such securities as he thinks proper, and all sums so borrowed shall be paid into the Exchequer.

(2) The principal of and interest on all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof.

40. —(1) Every sum advanced out of the Central Fund to the Board under this Act (other than sums which are repayable to the Central Fund out of moneys provided by the Oireachtas) shall be repayable by the Board at such times, in such manner, and with interest at such rate as shall be prescribed by the Minister for Finance, and every such sum and the interest thereon shall forthwith become and be a first charge on the works executed by the Board under this Act (including works executed by the Board in pursuance of an approved scheme) and a floating charge on all property of whatsoever kind (other than the said works so executed by the Board) from time to time vested in or owned by the Board.

(2) No floating charge created by the foregoing subsection of this section shall operate to prevent or restrict the alienation or other dealing by the Board of or with any property affected by such floating charge in the due and proper exercise or performance of the statutory powers and duties of the Board.

(3) Every charge (whether specific or floating) created by this section shall be vested in the Minister for Finance and may be enforced by that Minister in due form of law whenever he shall think proper so to do and whether any interest or any capital or instalment of capital secured by such charge is or is not due and unpaid.

(4) All moneys paid by or recovered from the Board in respect of the repayment of the capital of or the payment of the interest on a sum advanced to the Board under this section shall be paid into or disposed of for the benefit of the Exchequer at such time and in such manner as the Minister for Finance shall direct.