No. 12/1959:

ROAD FUND (GRANTS AND ADVANCES) (TEMPORARY PROVISIONS) ACT, 1959

ARRANGEMENT OF SECTIONS

1 Interpretation.

2 Grants to Road Fund.

3 Advances to Road Fund.

4 Power to borrow.

5 Short title.

AN ACT TO MAKE TEMPORARY PROVISIONS FOR GRANTS AND ADVANCES TO THE ROAD FUND.

[16th June, 1959.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1.—In this Act—

"the Minister" means the Minister for Finance;

"financial years in relation to which this Act applies" means the five consecutive financial years the first of which is the financial year ending on the 31st day of March, 1960.

2.—The Minister may, in each of the financial years in relation to which this Act applies, make to the Road Fund a grant not exceeding two hundred thousand pounds out of moneys provided by the Oireachtas.

3.—(1) The Minister may, in each of the financial years in relation to which this Act applies, make to the Road Fund an advance not exceeding two hundred thousand pounds out of the Central Fund or the growing produce thereof.

(2) All sums advanced under this section, together with interest thereon at the rate fixed by the Minister, shall be charged on the Road Fund and shall be payable out of that Fund in the manner directed by the Minister.

4.—(1) For the purpose of providing for advances out of the Central Fund under the foregoing section, 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 any 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.

5.—This Act may be cited as the Road Fund (Grants and Advances) (Temporary Provisions) Act, 1959 .