Central Fund Act, 1965
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No. 4/1965: CENTRAL FUND ACT, 1965 |
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ARRANGEMENT OF SECTIONS |
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3 Power of Minister for Finance to borrow up to £98, 481, 084. |
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AN ACT TO APPLY CERTAIN SUMS OUT OF THE CENTRAL FUND TO THE SERVICE OF THE YEARS ENDING ON THE THIRTY-FIRST DAY OF MARCH ONE THOUSAND NINE HUNDRED AND SIXTY-FIVE AND ONE THOUSAND NINE HUNDRED AND SIXTY SIX AND TO AUTHORISE THE CREATION AND ISSUE BY THE MINISTER FOR FINANCE OF CERTAIN NON-INTEREST-BEARING SECURITIES. |
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[18th March, 1965] |
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BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— |
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| Issue of £23, 188, 684 out of the Central Fund for the service of the year ending 31st March, 1965. |
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 sixty-five, the sum of Twenty-three Million One Hundred and Eighty-eight Thousand Six Hundred and Eighty-four Pounds. |
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| Issue of £75, 292, 400 out of the Central Fund for the service of the year ending 31st March, 1966. |
2.—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 sixty-six, the sum of Seventy-five Million Two Hundred and Ninety-two Thousand Four Hundred Pounds. |
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| Power of Minister for Finance to borrow up to £98, 481, 084. |
3.—(1) The Minister for Finance may borrow from any person any sum or sums not exceeding in the whole Ninety-eight Million Four Hundred and Eighty-one Thousand and Eighty-four 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. |
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(2) The principal and interest of any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof. |
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(3) Any money raised by securities issued under this section 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. |
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| Non-interest-bearing securities. |
4.—(1) The Minister for Finance, for the purpose of any borrowing which he is authorised by or under any Act to effect, may create and issue non-interest-bearing securities which shall be subject to such conditions as to redemption or otherwise as he thinks fit, including conditions providing for redemptions of a stated proportion of the securities by means of periodical drawings. |
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(2) The excess of the amount received on the redemption of a unit of securities under this section over the amount which was paid for the unit on its issue shall, save where the excess falls to be taken into account in computing for the purposes of taxation the profits of a trade, be exempt from income tax (including surtax) and corporation profits tax. |
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(3) The Minister for Finance may make regulations governing securities under this section and drawings for their redemption. |
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(4) The amounts required for the redemption of securities under this section and the expenses incurred in connection with their issue shall be charged on the Central Fund or the growing produce thereof. |
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(5) Any moneys raised by securities under this section shall be placed to the credit of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available. |
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(6) Any expenses incurred in connection with the management of securities under this section shall be calculated in such manner as may be determined by the Minister for Finance and shall be defrayed out of moneys provided by the Oireachtas. |
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| Short title. |
5.—This Act may be cited as the Central Fund Act, 1965 . |
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