EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 12 Effect of existing statutory powers as to borrowing and the repayment thereof.

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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 12

Effect of existing statutory powers as to borrowing and the repayment thereof.

12.(1) All moneys borrowed before the date of the passing of this Act by
the Ministry on the security of the Consolidated Fund for purposes specified
in any enactment and outstanding on that date, shall be deemed to have been
borrowed by virtue of the last preceding section, and notwithstanding anything
in any enactment as to the manner in which sums may be borrowed in order to
provide for issues out of the Consolidated Fund for purposes specified in that
enactment those sums may be borrowed in any one or more than one of the ways
authorised by this Part of this Act, and the provisions of this Part of
this Act shall apply accordingly.

(2) Subject to any provision of any enactment (whether passed before or after
this Act and including this Act) under which a maximum period is prescribed
for the repayment of moneys borrowed to provide for the issue, for purposes
specified in that enactment, of sums out of the Consolidated Fund, any
provisions of that enactment as to such repayment shall be deemed to be in
addition to and not in derogation of the powers conferred on the Ministry by
sub-section (3) of the last preceding section to provide for the repayment of
borrowed moneys in such manner as the Ministry may from time to time
determine.

(3) Any enactment authorising the investment of moneys belonging to any fund
which is under the control of any department of the Government of Northern
Ireland shall be deemed to authorise the making of loans to the Exchequer
under paragraph (e) of sub-section (1) of section eleven of this Act.

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Northern Irish Legislation

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 12