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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 14

Exercise of statutory borrowing powers by means of overdrafts.

14.(1) The Ministry may, for any purpose for which it has power to make issues
from the Consolidated Fund, from time to time by agreement with the Exchequer
Bank overdraw the account of the Exchequer, provided that no such overdraft
shall be permitted to remain outstanding beyond the last day of the month in
which it has been created.

(2) The creation and cancellation of overdrafts shall not be treated as
transactions requiring to be shown in any prescribed account having reference
to Exchequer receipts and issues, but the interest on any such overdraft shall
be included in the said accounts and shall be charged on and issued out of the
Consolidated Fund.

© 1950 Crown Copyright

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