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17 1953

GREAT NORTHERN RAILWAY ACT, 1953

PART IV.

Finance.

Conduct of undertaking.

28. —It shall be the general duty of the Board so to conduct its undertaking as to secure, as soon as may be, that taking one year with another the revenue of the Board shall be not less than sufficient to meet the charges properly chargeable to revenue.

Scheme of apportionment of profits and losses.

29. —The Board shall as soon as possible after the establishment date and thereafter whenever so required by the Minister and the Minister of Commerce submit to the Minister and the Minister of Commerce for their consideration a scheme for the ascertainment and apportionment of the profits and losses of the undertaking in accordance with the terms of agreement set out in the First Schedule (in this Act referred to as the scheduled agreement).

Allocation of profits and losses.

30. —(1) The profits and losses of the undertaking shall be assessed in accordance with the scheme of apportionment for the time being agreed upon by the Minister and the Minister of Commerce.

(2) The amount of any loss for which, in pursuance of paragraph 2 of the scheduled agreement, the Minister is liable, shall be paid to the Board by the Minister.

(3) Payments under subsection (2) shall be made on such terms as to repayment, interest or otherwise as may, with the consent of the Minister for Finance, be agreed between the Minister and the Board.

(4) There may be advanced to the Board, out of moneys provided by the Oireachtas, at such times as the Minister, after consultation with the Minister of Commerce, may fix, such sum or sums as the Minister may think fit towards making good during any year any anticipated loss for which the Minister would be liable.

(5) If the amount so advanced is in excess of the amount ultimately found to be due to the Board by the Minister for that year the Board shall, as soon as possible, repay the excess to the Minister.

(6) If the amount so advanced is less than the amount ultimately found to be due to the Board by the Minister for that year the Minister shall, as soon as possible, pay to the Board the amount of the deficiency.

(7) The amount of the profit attributable to the operation of the undertaking in the State during any year shall be paid to the Minister by the Board.

Sale of assets.

31. —(1) The Board shall be entitled to sell any of its assets which, in the opinion of the Board, are no longer required for the purposes of the undertaking.

(2) Any amount which, in pursuance of the scheduled agreement, is to be credited to the Minister on the sale of any of the assets of the Board shall, on demand, be due and payable to the Minister by the Board.

Disposal of moneys received by Minister.

32. —All sums received by the Minister under this Act shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

Payments for capital expenses.

33. —(1) The Minister, with the consent of the Minister for Finance, shall pay to the Board one-half of any amount agreed between the Minister and the Ministry to be provided in equal shares in pursuance of subparagraph (1) of paragraph 7 of the scheduled agreement.

(2) The Minister, with the consent of the Minister for Finance, may make payments to the Board to enable the Board to meet any capital expenses of the undertaking to be provided by the Minister in pursuance of subparagraphs (2), (3) and (4) of paragraph 7 of the scheduled agreement.

(3) Payments under this section shall be made on such terms as to repayment, interest or otherwise as may, with the consent of the Minister for Finance, be agreed between the Minister and the Board.

Borrowing powers of the Board.

34. —(1) The Board may from time to time borrow such sums as it may require for meeting its obligations and carrying out its duties.

(2) The Board shall not so exercise its powers under this section that its total indebtedness in respect of temporary borrowing exceeds at any one time one million pounds.

Accounts and audit.

35. —(1) (a) The Board shall keep all proper and usual accounts of all moneys received or expended by it and in particular shall keep all such accounts as the Minister and the Minister of Commerce may jointly direct.

(b) The Minister and the Minister of Commerce may jointly direct the form in which the Board's accounts are to be kept.

(2) (a) The accounts of the Board shall show at the establishment date as a capital liability of the Board to the Minister the sum of two million, two hundred and fifty thousand pounds, being the amount paid by the Minister to the Company under subsection (1) of section 46, and a similar sum as a capital liability to the Minister of Commerce.

(b) Interest may be charged to the Board in respect of the said liability to the Minister at such rate as the Minister, with the consent of the Minister for Finance, may fix from time to time.

(3) (a) The Board shall prepare an annual statement of accounts in such form and containing such particulars and compiled from such records and in such manner as the Minister and the Minister of Commerce may jointly direct.

(b) The accounts of the Board shall in each year be audited by an auditor or auditors to be appointed annually by the Board with the consent of the Minister and the Minister of Commerce.

(c) The fees of an auditor and the expenses of the audit shall be paid by the Board.

(4) Within three months, or such longer period as the Minister and the Minister of Commerce may jointly direct, after the end of the Board's financial year the Board shall send to the Minister a copy of the annual statement of accounts, together with the auditor's report thereon.

(5) The Minister shall cause a copy of the accounts and report furnished to him under this section to be laid before each House of the Oireachtas and copies thereof shall be placed on sale by the Board.