No. 35/1945:

FINANCE (MISCELLANEOUS PROVISIONS) ACT, 1945

ARRANGEMENT OF SECTIONS

1 Local authority.

2 Investment of moneys of the Post Office Savings Bank.

3 Power to make loans out of the local loans fund to local authorities for the purpose of repaying loans obtained by the issue of stock.

4 Short title.

AN ACT TO EXTEND THE RANGE OF INVESTMENTS OF MONEYS OF THE POST OFFICE SAVINGS BANK AND TO AUTHORISE THE MAKING OF LOANS OUT OF THE LOCAL LOANS FUND TO LOCAL AUTHORITIES FOR CERTAIN PURPOSES.

[20th December, 1945.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1.—In this Act, the expression "local authority" means any body being—

( a ) the council of a county, or

( b ) the corporation of a county or other borough, or

( c ) the council of an urban district.

2.—(1) In addition to any other statutory powers of investing moneys of the Bank, the said moneys may be invested in any one or more of the stocks to which this section applies.

(2) In this section—

the expression "the Bank" means the Post Office Savings Bank;

the expression "stocks to which this section applies" means stocks or securities (being stocks or securities in which a trustee is by the law for the time being in force authorised to invest trust funds) of a local authority.

3.—(1) Where the Minister for Local Government and Public Health consents to a local authority borrowing money for the purpose of redeeming any stock of that local authority on or after the first redemption date, a loan may, at the discretion of the Minister for Finance, be made out of the local loans fund for the purpose of such redemption.

(2) The Local Loans Fund Acts, 1935 to 1940, and this section may be cited together as the Local Loans Fund Acts, 1935 to 1945.

4.—This Act may be cited as the Finance (Miscellaneous Provisions) Act, 1945.