EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 18 Funds for the redemption of public debt.

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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 18

Funds for the redemption of public debt.

18.(1) Subject to the provisions of this section, there shall be charged on
and issued out of the Consolidated Fund such sums as the Ministry may from
time to time determine to be set aside to

(a)an Ulster Savings Certificates (Redemption) Fund established for the
repayment or redemption of the principal of Ulster Savings Certificates; and

(b)such other funds as the Ministry may create under this section for the
redemption or repayment of the principal of any other moneys borrowed by
the Ministry.

(2) The amount standing to the credit of the Ulster Savings Certificates
(Redemption) Fund at the end of any financial year shall not be less than the
amount of principal outstanding in respect of any Ulster Savings Certificates
guaranteed by the Treasury of the United Kingdom by virtue of section one of
the Government of Northern Ireland (Loan Guarantee) Act, 1922, and such Fund
shall stand charged with the payment to the Treasury of any sums due to the
Treasury by the Ministry in respect of any payments made by the Treasury on
foot of such guarantee.

(3) The amount standing to the credit of any fund created under paragraph (a)
or paragraph (b) of sub-section (1) of this section shall not exceed at the
end of any financial year the amount of principal outstanding in respect of
the borrowed moneys for the repayment or redemption of which that fund was
created.

(4) The Ministry may apply moneys standing from time to time to the credit of
any fund created under paragraph (a) or paragraph (b) of sub-section (1) of
this section, including any interest on or profit resulting from any
investment thereof in the repayment or redemption for which the fund was
created or may invest and accumulate such moneys in such manner as
the Ministry may determine.

(5) If, at the end of any financial year, the amount standing to the credit of
any fund created as aforesaid exceeds the amount of principal outstanding in
respect of the borrowed moneys for the repayment or redemption of which such
fund was created, the amount of such excess shall, subject to any provision
made by the Ministry by virtue of sub-section (1) of section twenty-nine of
this Act, be paid to the Reserve Fund.

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Northern Irish Legislation

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 18