No. 30/1974:

SEA FISHERIES (AMENDMENT) ACT, 1974

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Increase of limit on advances to Board.

3 Extension of borrowing powers of Board.

4 State guarantee of borrowings by Board.

5 Short title and collective citation.

AN ACT TO AMEND THE SEA FISHERIES ACTS, 1952 TO 1970.

[24th December, 1974]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Act of 1970" means the Sea Fisheries (amendment) Act, 1970 ;

"the Board" means An Bord Iascaigh Mhara;

"the Principal Act" means the Sea Fisheries Act, 1952 .

2.—Section 18 of the Principal Act, as amended by section 1 of the Act of 1970, is hereby amended by the substitution of "fifteen million pounds" for "five million pounds" in subsection (1), and accordingly, that subsection shall have effect as set out in the Table to this section.

TABLE

(1) For the purpose of enabling the Board to exercise or perform their functions, the Minister for Finance may, on the recommendation of the Minister, advance from time to time to the Board, out of the Central Fund or the growing produce thereof, such sums (subject to the limitation that the total amount (disregarding interest) standing repayable in respect of them $hall at no time exceed fifteen million pounds) as the Board may from time to time request.

3.—Section 22 of the Principal Act, as amended by section 2 of the Act of 1970, is hereby amended by the substitution of "money (including money in a currency other than the currency of the State)" for "sums" and, accordingly, that section shall have effect as set out in the Table to this section.

TABLE

22. The Board may, with the consent of the Minister given after consultation with the Minister for Finance borrow such money (including money in a currency other than the currency of the State) as they may require for the purpose of providing for capital or current expenditure.

4.—(1) The Minister for Finance may guarantee, in such form and manner and on such terms and conditions as be 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, other than sums advanced by the Minister for Finance under section 18 (as amended) of the Principal Act or the payment of interest an 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.

(2) The Minister for Finance shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with, respect to each guarantee under this section given during that year or given at any time before and in force at the commencement of that year—

( a ) particulars of the guarantee,

( b ) in case any payment has been made by the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment,

( c ) the amount of principal covered by the guarantee which was outstanding at the end of that year.

(3) All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him under this section shall be advanced out of the Central Fund or the growing produce thereof.

(4) Moneys paid by the Minister for Finance under a guarantee under this section shall be repaid to him (with interest thereon at such rate or rats as he appoints) by the Board within two years from the date of the advance of the moneys out of the Central Fund.

(5) Where the whole or any part of moneys required by subsection (4) of this section to be repaid to the Minister for Finance has not been paid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(6) Notwithstanding the provision of moneys under subsection (5) of this section to repay the amount to the Central Fund, the Board shall remain liable to the Minister for Finance in respect of that amount and that amount (with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to the said Minister by the Board at such times and in such instalments as he appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.

(7) Moneys paid by the Board under subsection (4) or (6) 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.

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

( a ) each of the references to principal, each of the references to interest and the references to incidental expenses in subsection (1) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, the 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,

( b ) each at the references to moneys in subsections (3) to (6) of this section shall be taken as referring to the cost in currency of the State of the actual moneys.

5.—(1) This Act may be cited as the Sea Fisheries (Amendment) Act, 1974 .

(2) The Sea Fisheries Acts, 1952 to 1970, and this Act may be cited together as the Sea Fisheries Acts, 1952 to 1974.