- Without prejudice to the following provisions of this
ar t icle, the Author i ty shal l so conduct its affairs that the
expenditure required for the proper performance of its functions
shall, as far as practicable, be met out of its revenue.
- For the purposes of sub-article (1) the Authority shall levy
all fees, rates and other payments prescribed or deemed to be
prescribed by or under this Act or any other law providing for
matters falling under the powers and functions vested in the
Authority by or under this Act.
- The Authority shall also be paid by Government out of the
Consolidated Fund such sums as Parliament may from time to time
authorise to be appropriated to meet the costs of specified works to
be continued or otherwise carried out by the Authority, being
infrastructural works or works of a similar capital nature.
- Subject to such directives as the Minister may give from
time to time after consultation with the Minister responsible for finance, any excess of revenue over expenditure shall be applied by
the Authority to the formation of reserve funds to be used for the
purposes of the Authority. Without prejudice to the generality of
the power of the Minister to give directives under this sub-article,
any directive given by the Minister as aforesaid may order the
transfer to the Government, or the application in such manner as
may be specified in the direction, of any part of the fees, rates and
other payments levied in accordance with sub-article (2).
- Any funds of the Authority not immediately required to
meet expenditure may be invested in such manner as may from time
to time be approved by the Minister.
- For the purpose of carrying out any of its functions
under this Act, the Authority may, with the approval in writing of
the Minister given after consultation with the Minister responsible
for finance, borrow or raise money in such manner, from such
person, body or authority, and under such terms and conditions as
the Minister, after consul tation as aforesaid, may in writing
- The Authority may also, from time to time, borrow, by way
of overdraft or otherwise, such sums as it may require for carrying
out its functions under this Act:
Provided that for any amount in excess of one million euro
(€1,000,000) there shall be required the approval of the Minister in
The Minister responsible for finance may, after
consultation with the Minister, make advances to the Authority of
such sums as he may agree to be required by the Authority for
carrying out any of its functions under this Act, and may make such
advance on such terms and conditions as he may, after
consultation as aforesaid, deem appropriate. Any such advance may
be made by the Minister responsible for finance out of the
Consolidated Fund, and without further appropriation other than
this Act, by warrant under his hand authorising the Accountant
General to make such advance.
- The Minister responsible for finance may, for any
requirements of the Authority of a capital nature, contract or raise
loans, or incur liabilities, for such periods and on such terms and
conditions as he may deem appropriate; and any sums due in
respect of or in connection with any such loan or liability shall be a
charge on the Consolidated Fund.
- Notice of any loans, liabilities or advances made or
incurred under the foregoing provisions of this article shall be
given to the House of Representatives as soon as practicable.
- Pending the raising of any such loan as is mentioned in subarticle
(1), or for the purpose of providing the Authority with
working capital, the Minister responsible for finance may, by
warrant under his hand, and without further appropriation other
than this Act, authorise the Accountant General to make advances
to the Authority out of the Treasury Clearance Fund under such
terms as may be specified by the Minister upon the making thereof.
- The proceeds of any loan raised for the purposes of making
advances to the Authority, and any other moneys to be advanced to
the Authority under this article, shall be paid into a fund specially
established for the purpose and which shall be known as the "Transport Regulation Authority Loan Fund".
- Sums received by the Accountant General from the
Authority by way of repayment of advances made to the Authority
under sub-article (3) shall be paid into the Treasury Clearance Fund
and sums received by the Accountant General by way of interest on
such advances shall be paid into the Consolidated Fund.
- The Authority shall cause to be prepared in every
financial year, and shall not later than four weeks before the end of
such year adopt, estimates of the income and expenditure of the
Authority for the following financial year distinguishing, in
particular, between each of such Directorates as may be established
under the provisions of this Act:
Provided that the estimates for the first financial year of the
Authority shall be prepared and adopted within such time as the
Minister may by notice in writing to the Authority specify.
- In the preparation of such estimates the Authority shall take
account of any funds and other monies that may be due to be paid
to it out of the Consolidated Fund during the relevant financial
year, whether by virtue of this Act or of an appropriation Act or of
any other law; and the Authority shall so prepare the said estimates
as to ensure that the total revenues of the Authority are at least
sufficient to meet all sums properly chargeable to its revenue
account, including, but without prejudice to the generality of that
- The estimates shall be made out in such form and shall
contain such information and such comparisons with previous years
as the Minister responsible for finance may direct.
- A copy of the estimates shall, upon their adoption by the
Authority, be sent forthwith to the Minister and to the Minister
responsible for finance.
- The Minister shall, at the earliest opportunity and not later
than six weeks after he has received a copy of the estimates from
the Authority, approve the same with or without amendment after
consultation with the Minister responsible for finance.
- No expenditure shall be made or incurred by the
Authority unless provision therefor had been made in the estimates
approved as provided in article 28.
- Notwithstanding the provisions of sub-article (1) -
- until the expiration of six months from the beginning
of a financial year, or until the approval of the
estimates for that year by the House, whichever is the
earlier date, the Authority may make or incur
expenditure for carrying on its functions under this Act
not exceeding in the aggregate one-half of the amount
approved for the preceding financial year;
- expenditure approved in respect of a head or sub-head
of the estimates may, with the approval of the Minister
given after consultation with the Minister responsible
for finance, be made or incurred in respect of another
head or sub-head of the estimates;
- in respect of the first financial year, the Authority may
make or incur expenditure until the approval of the
estimates for that year not exceeding in the aggregate
such amounts as the Minister responsible for finance
may, after consultation with the Minister, allow;
- if in respect of any financial year it is found that the
amount approved in the estimates is not sufficient or a
need has arisen for expenditure for a purpose not
provided for in the estimates, the Authority may adopt
supplementary estimates for approval by the Minister
and in any such case the provisions of this Act
applicable to the estimates shall as near as practicable
apply to the supplementary estimates.
The Minister shall, at the earliest opportunity and not later
than eight weeks after he has received a copy of the estimates and
supplementary estimates of the Authority, or if at any time during
that period the House of Representatives is not in session, within
eight weeks from the beginning of the next following session, cause
such estimates to be laid on the Table of the House of
- The Authority shall cause to be kept proper accounts
and other records in respect of its operations, and shall cause to be
prepared a statement of accounts in respect of each financial year.
- The accounts of the Authority shall be audited by an auditor
or auditors to be appointed by the Authority and approved by the
Provided that the Minister responsible for finance may,
after consultation with the Minister, require the books and accounts
of the Authority to be audited or examined by the Auditor General
who shall for the purpose have the power to carry out such physical
checking and other verifications as he may deem necessary.
- The Authority shall not later than three months after the end
of each financial year cause a copy of the statement of accounts
duly audited to be transmitted to the Minister and to the Minister
responsible for finance together with a copy of any report made by
the auditors on that statement or on the accounts of the Authority.
- The Minister shall cause a copy of every such statement and
report to be laid before the House as soon as practicable.
- All monies accruing to the Authority shall be paid into
a bank or banks appointed as banker s of the Authori ty by a
resolution of the Authority. Such monies shall, as far as practicable,
be paid into any such bank from day to day, except such sum as the
Authority may authorise to be retained to meet petty disbursements
and immediate cash payments.
- All payments out of the funds of the Authority, other than
petty disbursements not exceeding a sum fixed by the Authority,
shall be made by such officer or officers of the Authority as the
Authority shall appoint or designate for that purpose.
- Cheques against and withdrawals from any bank account of
the Authority shall be signed by such officer of the Authority as
may be appointed or designated by the Authority for that purpose
and shall be countersigned by the Chairperson or such other
member or officer of the Authority as may be authorised by the
Authority for that purpose.
- The Authority shall also make provision with respect to -
- the manner in which and the officer or officers by
whom payments are to be authorised or approved;the title of any account held with the bank or banks
into which the monies of the Authority are to be paid,
and the transfer of funds from one account to the
- the method to be adopted in making payments out of
funds of the Authority, and generally with respect to
any matter which is relevant to the proper keeping and
control of the accounts and books, and the control of
the finance, of the Authority.
Without prejudice to any directions communicated by the
Minister under article 11(2), the Authority shall not award or enter
into any contract for the supply of goods or materials or for the
execution of works, or for the rendering of services, to or for the
benefit of the Authority, except in accordance with regulations in
force regulating the procurement of all goods and services in the
The Authority shall, not later than three months after the
end of each financial year, make and transmit to the Minister and to
the Minister responsible for finance a report dealing generally with
the a ctivities of the Authority dur ing that f inancial year,
distinguishing, in particular, between each of such Directorates as
may be established under the provisions of this Act and containing
such information relating to the proceedings and policy of the
Authority as either of the said Ministers may from time to time
require. The Minister shall cause a copy of every such report to be
laid on the Table of the House as soon as practicable.
The Authority shall be exempt from any liability for the
payment of income tax and stamp duty under any law for the time
being in force.