FUND (No. 2) ACT, 1953

Issue of £38,905,250 out of the Central Fund for the service of the year ending 31st March, 1954.

Issue of £38,905,250 out of the Central Fund for the service of the year ending 31st March, 1954.

1

1.—The Minister for Finance may issue out of the Central Fund and apply towards making good the supply granted for the service of the year ending on the thirty-first day of March one thousand nine hundred and fifty-four, the sum of Thirty-eight Million Nine Hundred and Five Thousand Two Hundred and Fifty Pounds.

Power of Minister for Finance to borrow up to £38,905,250.

Power of Minister for Finance to borrow up to £38,905,250.

2

2.—(1) The Minister for Finance may borrow from any person and the Bank of Ireland may advance to the Minister for Finance any sum or sums not exceeding in the whole Thirty-eight Million Nine Hundred and Five Thousand Two Hundred and Fifty pounds and for the purpose of such borrowing the Minister for Finance may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

(2) The principal and interest of any securities issued under this Act and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(3) Any money raised by securities issued under this Act shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.

Short title.

Short title.

3

3.—This Act may be cited as the Central Fund (No. 2) Act, 1953.