No. 26/1965:

CENTRAL FUND (PERMANENT PROVISIONS) ACT, 1965

ARRANGEMENT OF SECTIONS

1 Interpretation.

2 Issues out of Central Fund before grant of supply.

3 Adjustment of aggregate authorised by section 2.

4 Issues out of Central Fund after grant of supply.

5 Statement of authorised issues.

6 Provisions with respect to certain grants of supply in financial year ending 31st March, 1966.

7 Power to borrow.

8 Disregard of repaid borrowing.

9 Short title.

AN ACT TO MAKE PERMANENT PROVISIONS WITH RESPECT TO CERTAIN ISSUES OUT OF THE CENTRAL FUND AND TO BORROWING.

[21st December, 1965.)

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Appropriation Act" means, in relation to a financial year, the Act appropriating the sums granted in respect of the year for supply services;

"the Minister" means the Minister for Finance.

2.—As from the commencement of the financial year ending an the 31st day of March, 1967, and of every subsequent financial year, the Minister, as respects any supply service for which a sum was appropriated in respect of the immediately preceding financial year in the Appropriation Act of that year, shall, provided that during the year he asks Dáil Éireann to grant supply for that service in respect of the year, be authorised to issue out of the Central Fund in the year, and apply towards making good such supply, sums not exceeding in the aggregate four-fifths of the sum so appropriated, subject, as regards any particular issue and application, to his considering it to be necessary.

3.—Where, in the financial year ending on the 31st day of March, 1967, or any subsequent financial year, Dáil Éireann grants supply for a supply service for the year, being a service for which a sum was appropriated in the Appropriation Act of the immediately preceding financial year, the aggregate authorised by section 2 of this Act to be issued for that service for the year shall—

( a ) if the supply granted is more than four-fifths of the sum appropriated for the service in respect of the immediately preceding financial year be increased by the amount by which the supply granted is in excess of four-fifths of such sum, and

( b ) if the supply granted is less than four-fifths of the sum appropriated for the service in respect of the immediately preceding financial year be reduced by ,the amount by which the supply granted is less than four-fifths of such sum.

4.—Where, in the financial year ending on the 31st day of March, 1967, or any subsequent financial year supply is granted by Dáil Éireann—

( a ) for a supply service for the year, being a service for which a sum was not appropriated in the Appropriation Act of the immediately preceding financial year, or

( b ) for a supply service of the next following financial year,

the Minister may issue out of the Central Fund in the year for which the supply is granted, and apply towards making good the supply, sums not exceeding in the aggregate the amount of the grant.

5.—The Minister shall, in every month of March, lay before Dáil Éireann a statement specifying the sums which, as from the commencement of the next following financial year, he will be authorised by sections 2 and 4 of this Act to issue out of the Central Fund.

6.—Where—

( a ) after the 30th day of July, 1965, and before the passing of this Act, supply was granted by Dáil Éireann for a supply service, or

( b ) after the passing of this Act and before the 31st day of March, 1966, supply is granted by Dáil Éireann for a supply service for the financial year ending on that day or the next following financial year,

the Minister may issue out of the Central Fund in the financial year for which the supply has been granted, and apply to making good the supply, sums not exceeding in the aggregate the amount of the grant.

7.—(1) The Minister may borrow sum required for issues under this Act and for that purpose 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.

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

(3) Moneys borrowed 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 that Fund is available.

8.—In determining the amount standing authorised to be borrowed under a power to borrow conferred on the Minister by or under any Act (including this Act and any Act passed after the passing of this Act), borrowing under such power which has been repaid within twelve months after the date on which it was effected shall be disregarded.

9.—This Act may be cited as the Central Fund (Permanent Provisions) Act, 1965 .