No. 23/1956:

TELEPHONE CAPITAL ACT, 1956

ARRANGEMENT OF SECTIONS

1 Further issue for development of telephonic system.

2 Minister for Finance may borrow for the purposes of this Act.

3 Incorporation of section 3 and 4 of the Telephone Capital Act, 1927.

4 Short title and citation.

AN ACT TO PROVIDE FURTHER MONEYS FOR THE DEVELOPMENT OF THE PUBLIC TELEPHONIC SYSTEM AND FOR OTHER PURPOSES CONNECTED THEREWITH.

[11th July, 1956.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1.—In addition to the moneys authorised by the Telephone Capital Acts, 1924 to 1951, the Minister for Finance may issue out of the Central Fund or the growing produce thereof such sums not exceeding in the whole the sum of six million pounds as have been or may be required by the Minister for Posts and Telegraphs for the purpose of developing the public telephonic system according to estimates approved by the Minister for Finance.

2.—(1) For the purpose of providing money for the sums by this Act authorised to be issued out of the Central Fund or of providing money for the repayment to the Central Fund of all or any sums issued thereout under the authority of this Act, the Minister for Finance may borrow by means of terminable annuities extending over a period not exceeding twenty-five years.

(2) All moneys borrowed under this section shall be paid into the Exchequer.

(3) All terminable annuities created under this section shall be paid out of moneys provided by the Oireachtas and, if those moneys are insufficient, shall, to the extent of the insufficiency, be advanced out of the Central Fund or the growing produce thereof, and every such advance shall be made good to the Central Fund out of moneys provided by the Oireachtas.

3.— Sections 3 and 4 of the Telephone Capital Act, 1927 (No. 8 of 1927), are incorporated with this Act.

4.—(1) This Act may be cited as the Telephone Capital Act, 1956 .

(2) The Telephone Capital Acts, 1921 to 1951, and this Act may be cited together as the Telephone Capital Acts, 1924 to 1956.