EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 17 Exchequer Accrued Interest Fund.

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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 17

Exchequer Accrued Interest Fund.

17.(1) The Ministry shall establish and maintain a fund to be called the
Exchequer Accrued Interest Fund.

(2) The Ulster Savings Certificates (Interest) Sinking Fund shall be abolished
and any sums or investments standing to the credit of that Fund shall by
virtue of this sub-section be transferred to the Exchequer Accrued Interest
Fund.

(3) Subject to sub-section (6), the Minisry shall in respect of each financial
year pay into the Exchequer Accrued Interest Fund such sums, if any, as
the Ministry determines to be necessary to meet the estimated liability
accruing up to the end of that year in respect of interest on Ulster Savings
Certificates.

(4) Subject to sub-section (6), the Ministry may in respect of any financial
year pay into the Exchequer Accrued Interest Fund such sums, if any, as
the Ministry determines to be expedient for the purpose of meeting any
estimated liability accruing up to the end of that year in respect of the
interest on money borrowed by the Ministry otherwise than by the issue of
Ulster Savings Certificates.

(5) The sums paid into the Exchequer Accrued Interest Fund under sub-sections
(3) and (4) shall be charged on and issued out of the Consolidated Fund.

(6) The sums standing to the credit of the Exchequer Accrued Interest Fund
shall be invested, and

(a)any interest on or profit resulting from any investment thereof shall be
accumulated, in such manner as the Ministry may determine; and

(b)any accumulations under paragraph (a) shall be taken into account in
estimating the sums, if any, which are to be paid into the Fund under
sub-section (3) or (4).

(7) The sums standing to the credit of the Exchequer Accrued Interest Fund

(a)shall be applied by the Ministry in the payment of interest on the
redemption of Ulster Savings Certificates;

(b)may be applied by the Ministry in the payment of interest on money borrowed
by the Ministry otherwise than by the issue of Ulster Savings Certificates.]

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Northern Irish Legislation

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 17