EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950

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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 11



11.(1) Where the Ministry has power under any enactment (including an
enactment contained in this Act or in any Act passed after the commencement of
this Act) to borrow money for the purpose of making any issue from the
Consolidated Fund that power may be exercised in any one or more than one of
the following ways, that is to say

(a)by the creation and issue of Ulster Savings Certificates, in accordance
with sections fifteen and sixteen of this Act and regulations made thereunder;

(b)by the creation and issue of Northern Ireland Treasury Bills in accordance
with the First Schedule to this Act;

(c)by the creation and issue of such other securities bearing such rate of
interest and subject to such conditions as to issue, redemption, repayment,
exchange, or otherwise, as the Ministry may by order determine;

(d)by borrowing from the Government Loans Fund;

(e)by borrowing from any other fund which is under the control of any
department of the Government of Northern Ireland in pursuance of any
enactment;

(f)by borrowing from the Exchequer Bank or such other banks or persons on such
conditions as the Ministry may from time to time determine;

(g)by the temporary creation of overdrafts in accordance with section fourteen
of this Act.

(2) All sums raised by the Ministry under or by virtue of the powers conferred
by this Part of this Act shall be paid into the Exchequer.

(3)The principal of and interest on any Ulster Savings Certificates, Northern
Ireland Treasury Bills, or any other securities issued or loan raised by
virtue of this Part of this Act shall be charged on and payable out of the
Consolidated Fund, and the issue of sums from time to time to provide for the
repayment of the principal thereof (whether for the immediate repayment or for
issues to any fund created under or by virtue of section eighteen of this Act
for future repayment) shall be a capital purpose of the Exchequer for which
the Ministry may borrow moneys in any manner provided by sub-section (1) of
this section.

(4) Any expenses incurred in connection with the issue of any securities or
the raising of any loan by virtue of this Part of this Act, or in connection
with the redemption, repayment, or conversion thereof, shall be charged on and
issued out of the Consolidated Fund, or, if, and to such extent as
the Ministry so directs, out of moneys provided by Parliament.

Subs.(5) rep. by 1971 c.6 (NI) s.9(3) sch.3

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Northern Irish Legislation

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 11