National Development Finance Agency (Amendment) Act 2007
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: — In this Act “Principal Act” means National Development Finance Agency Act 2002 .
num: 2
paragraphs: — Section 1 of the Principal Act is amended—
(a) by inserting “arrangement” after “public private partnership” in the definition of “appropriate Minister” in subsection (1), and
num: 3
paragraphs: — Section 3 of the Principal Act is amended in subsection (1)—
(a) by deleting “and” where it last occurs in paragraph (c) and by substituting “public investment projects,” for “public investment projects.” in paragraph (d), and
(b) by inserting the following after paragraph (d):
“(e) to enter into a public private partnership arrangement with a view to transferring the rights and obligations under such an arrangement to any State authority, and
(f) to act as agent for any State authority in connection with the entry or proposed entry by that State authority into a public private partnership arrangement.”.
num: 4
paragraphs: — The Principal Act is amended by inserting the following after section 3:
“3A.— (1) The Agency shall draw up, and may from time to time revise, a code of conduct that is based on best practices so as to ensure good corporate governance in the performance of the functions of the Agency under this Act in relation to public private partnership arrangements.
(2) Where a code of conduct has been drawn up or revised under subsection (1), it shall be submitted by the Agency to the Minister for approval.”.
num: 5
paragraphs: — Section 4 of the Principal Act is amended in subsection (1) by inserting “, or exercising functions under paragraph (e) or (f) of section 3(1) of,” after “providing advice under”.
num: 6
paragraphs: — The Principal Act is amended—
(a) by substituting “7 ordinary members” for “4 ordinary members” in section 12(2), and
(b) by substituting the following for subsection (3) in section 14:
“(3) The quorum for a meeting of the Board shall be 4.”.
num: 7
paragraphs: — Section 15 of the Principal Act is amended by substituting the following for subsection (4):
“(4) Any contract or instrument which, if entered into or executed by a person not being a body corporate, would not require to be under seal may be entered into and executed by 2 persons, each of whom is—
(a) the Chairperson of the Board,
(b) an ordinary member of the Board, or
(c) an officer or member of the staff of the National Treasury Management Agency authorised in writing by the Board for that purpose.”.
num: 8
paragraphs: — Section 18 of the Principal Act is amended—
(a) in subsection (3) by inserting “, any appropriate Minister” after “Chief Executive Officer”, and
(b) in subsection (4)(a) by inserting “, any appropriate Minister” after “the Board”.
num: 9
paragraphs: — The Principal Act is amended by substituting the following for section 22:
“22.— (1) Where the Minister, following consultation with any appropriate Minister, is of the opinion that—
num: 10
paragraphs: — The Principal Act is amended by substituting the following for section 26:
“26.— (1) Subject to subsections (2), (3) and (4), the expenses incurred by the Agency in the performance of its functions shall be charged on and paid out of the Central Fund or the growing produce thereof.
(2) The expenses incurred by the Agency in the performance of functions under paragraphs (b) and (d) of section 3(1) (including any payments in respect of interest and principal) shall be charged on and paid out of repayments (including repayments in respect of interest and principal), to the extent of the repayment concerned, to the Agency on loans advanced by it or out of any surplus accruing to the Agency.
(3) (a) The expenses incurred by the Agency in the performance of functions under paragraphs (a), (c), (e) and (f) of section 3(1) in relation to a specific project or specific arrangement referred to in those paragraphs shall, as soon as practicable after they are paid by the Agency, be repaid to the Agency by the appropriate State authority or State authorities concerned with that project or arrangement.
(b) The Agency shall, as soon as practicable after receiving a repayment for the purposes of paragraph (a), repay it to the Exchequer.
(4) In this section ‘expenses’ includes remuneration and allowances for expenses payable under section 12(5) to Board members and any fee payable to a consultant or adviser or other service provider engaged by the Agency under this Act.”.
num: 11
paragraphs: — The Principal Act is amended by substituting the following for the Schedule to it:
num: 12
paragraphs: — The State Authorities (Public Private Partnership Arrangements) Act 2002 is amended by inserting “The National Development Finance Agency.” at the end of the Schedule.
num: 13
paragraphs: — (1) This Act may be cited as the National Development Finance Agency (Amendment) Act 2007 .
(2) This Act and the National Development Finance Agency Act 2002 may be cited together as the National Development Finance Agency Acts 2002 and 2007 and shall be construed together as one.