No. 12/1956:

CENTRAL FUND ACT, 1956

ARRANGEMENT OF SECTIONS

1 Issue of £5,504,458 out of the Central Fund for the service of the year ending 31st March, 1956.

2 Issue of £36,200,000 out of the Central Fund for the service of the year ending 31st March, 1957.

3 Power of Minister for Finance to borrow up to £41,704,458.

4 Capital Fund.

5 Short title.

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 FIFTY-SIX AND ONE THOUSAND NINE HUNDRED AND FIFTY-SEVEN AND TO ESTABLISH A FUND TO BE KNOWN AS THE CAPITAL FUND.

[28th March, 1956.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

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-six the sum of Five Million Five Hundred and Four Thousand Four Hundred and Fifty-eight Pounds.

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 fifty-seven, the sum of Thirty-six Million Two Hundred Thousand Pounds.

3.—(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 Forty-one Million Seven Hundred and Four Thousand Four Hundred and Fifty-eight 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 amount of the Exchequer and shall form part of the Central Fund and be available in any manner in which such fund is available is available.

4.—In this section—

"the Minister" means the Minister of Finance;

"the Fund" means the Capital fund established by subsection (2) of this section;

"public moneys" means moneys charged on or issued out of the Oireachtas.

(2) There is hereby established a fund which shall be known as the Capital Fund and which shall be under the control and management of the Minister.

(3) There shall be charged on the Central Fund, and issued in accordance with the directions of the Minister out of the Central Fund to the Fund, such sums as the Minister may from time to time determine as the sums equivalent to the Exchequer receipts in respect of Special Import Levy.

(4) The Minister may apply the Fund for any purposes for or towards the cost of which public moneys are provided and which are conducive to the development or improvement of Capital resources, and any such application may be on such terms or conditions as the Minister considers proper.

(5) Any repayment of capital or payment of interest made pursuant to terms or conditions referred to in subsection (4) of this section shall be credited to the Fund.

(6) The Minister shall prepare in respect of each financial year an account of the payments into and out of the Fund, and the account shall be submitted to the Comptroller and Auditor General for examination and report.

(7) The Minister shall lay before each House of Oireachtas a copy of every account of the Comptroller and Auditor General thereon.

5.—This Act may be cited as the Central Fund Act, 1956 .