Telephone Capital Act , 1960

1 Further issue for development of telephonic system.

1.—In addition to the moneys authorised by the Telephone Capital Acts, 1924 to 1956, 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 ten 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 Minister for Finance may borrow for the purposes of this Act.

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

3.—Sections 3 and 4 of the Telephone Capital Act, 1927, are incorporated with this Act.

4 Short title and citation.

4.—(1) This Act may be cited as the Telephone Capital Act, 1960.

(2) The Telephone Capital Acts, 1924 to 1956, and this Act may be cited together as the Telephone Capital Acts, 1924 to 1960.