State Guarantees (Transport) Act, 1962

In short

This law allows the Minister for Finance to guarantee payments by Córas Iompair Éireann (the Board) for certain contracts related to goods or services, with specific conditions and limits. It also outlines how these guarantees are managed, repaid, and reported.

What it regulates

Guarantees by the Minister for Finance for payments by Córas Iompair Éireann.
The maximum amount of principal the Minister can be liable for under these guarantees.
The repayment process for any moneys paid by the Minister under a guarantee.
Reporting requirements to the Oireachtas regarding these guarantees.

Who it concerns

The Minister for Finance.
Córas Iompair Éireann (the Board).
The Minister for Transport and Power.

Key points

The Minister for Finance can guarantee payments by the Board for contracts providing goods or services, or both.
These contracts must be approved by the Minister for Transport and Power with the consent of the Minister for Finance.
The total principal amount the Minister can be liable for at any one time, plus any unrepaid principal already paid, cannot exceed five million pounds.
Moneys paid by the Minister under a guarantee are advanced from the Central Fund and must be repaid by the Board within two years, potentially with interest.

Legal text

State Guarantees (Transport) Act, 1962 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

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s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1962 State Guarantees (Transport) Act, 1962 State Guarantees (Transport) Act, 1962 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 25 of 1962. STATE GUARANTEES (TRANSPORT) ACT, 1962. ARRANGEMENT OF SECTIONS Section 1. Definitions. 2. Guarantees in respect of certain moneys payable by the Board. 3. Security for repayment of moneys paid under guarantee. 4. Advance out of Central Fund in respect of sums required to be paid under guarantee. 5. Repayment of moneys paid under guarantee. 6. Annual statement as to guarantees. 7. Borrowing by Minister. 8. Short title. Number 25 of 1962. STATE GUARANTEES (TRANSPORT) ACT, 1962. AN ACT TO PROVIDE FOR GUARANTEES BY THE MINISTER FOR FINANCE IN RESPECT OF MONEYS PAYABLE BY CORAS IOMPAIR EIREANN UNDER CONTRACTS ENTERED INTO BY CORAS IOMPAIR EIREANN WITH THE APPROVAL OF THE MINISTER FOR TRANSPORT AND POWER GIVEN WITH THE CONSENT OF THE MINISTER FOR FINANCE. [7th August, 1962.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— Definitions. 1.—In this Act— “the Board” means Córas Iompair Éireann; “guarantee” means, except in section 2 of this Act, a guarantee given under section 2 of this Act; “the Minister” means the Minister for Finance. Guarantees in respect of certain moneys payable by the Board. 2.—

(1)The Minister may guarantee, in such form and manner and on such terms and conditions as he thinks fit, the due payment by the Board of any moneys payable by the Board under contracts for the provision of goods or services or both goods and services entered into by the Board, whether before or after the passing of this Act, with the approval of the Minister for Transport and Power given with the consent of the Minister or the payment of interest on such moneys or both the payment of the principal and the payment of the interest.

(2)The Minister shall not so exercise the powers conferred by subsection

(1)of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay pursuant to a guarantee or guarantees given under this section and for the time being in force, together with the amount of principal (if any) which he has previously paid pursuant to any such guarantees and has not been repaid, exceeds an amount equivalent to five million pounds. Security for repayment of moneys paid under guarantee. 3.—Where a guarantee has been given, the Board shall, if the Minister so requires, give to him such security as may be specified in the requisition for the purpose of securing to the Minister the repayment of any moneys which he may be liable to pay or have paid under the guarantee. Advance out of Central Fund in respect of sums required to be paid under guarantee. 4.—Moneys required to be paid by the Minister in respect of sums due under a guarantee shall be advanced out of the Central Fund or the growing produce thereof. Repayment of moneys paid under guarantee. 5.—

(1)Any advances out of the Central Fund or the growing produce thereof for the purposes of section 4 of this Act shall be repaid to the Minister (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) by the Board within two years from the date of the advance.

(2)Where the whole or any part of moneys advanced under section 4 of this Act has not been repaid to the Minister in accordance with subsection

(1)of this section, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(3)Notwithstanding the provision of moneys under subsection

(2)of this section to repay an amount to the Central Fund, the Board shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) shall be repaid to the Minister by the Board at such times and in such instalments as the Minister 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.

(4)Moneys repaid by the Board to the Minister, or recovered from the Board by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer. Annual statement as to guarantees. 6.—The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out as respects each guarantee given during such year or given at any time before, and in force at, the commencement of such year— (

a)particulars of the guarantee, (
b)in case any payment has been made by the Minister under the guarantee before the end of such year, the amount of the payment and the amount (if any) repaid to the Minister in respect of the payment, (
c)the amount for which the Minister would, if the guarantee were enforced immediately upon the expiration of such year, be liable as principal under the guarantee. Borrowing by Minister. 7.—

(1)For the purpose of providing for advances out of the Central Fund under this Act, 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 the 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. Short title. 8.—This Act may be cited as the State Guarantees (Transport) Act, 1962. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.