EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 25

Capital Purposes Fund.

25.(1) Where the Ministry has power under or by virtue of any enactment
(whether passed before or after this Act and including this Act) to issue,
other than for investment or the repayment of borrowed moneys, out of the
Consolidated Fund any moneys required for capital purposes specified in that
enactment, such power shall be deemed to include the power from time to time
to set aside out of the Consolidated Fund and invest such sums as the Ministry
may think fit, which sums shall be credited to a Capital Purposes Fund
established for the purpose of providing moneys for capital purposes. Any sums
so issued out of the Consolidated Fund may be repaid to the Exchequer out of
moneys provided by Parliament ....

(2) Subject to the provisions of this sub-section, any power of the Ministry
to make issues out of the Consolidated Fund for capital purposes specified in
any enactment shall be deemed to include power to make issues out of moneys
credited to the Capital Purposes Fund for those purposes and any moneys issued
out of the Capital Purposes Fund for capital purposes specified in any
enactment shall be treated as having been issued out of the Consolidated Fund
for such purposes, but so, however, that the total amount issued for any
specified capital purpose out of the Capital Purposes Fund shall not exceed

(a)the total amount credited to that Fund for that capital purpose; nor

(b)when added to any issues made directly from the Consolidated Fund for that
capital purpose, any limit imposed by Parliament on the total amount of issues
from the Consolidated Fund for that purpose.

(3) Subject to the provisions of the last preceding sub-section, the powers
conferred by sub-section (1) of this section to set aside moneys for any
capital purpose by means of sums issued from the Consolidated Fund to the
Capital Purposes Fund shall be in addition to and not in derogation of the
powers conferred by any enactment to make issues from time to time for that
capital purpose directly from the Consolidated Fund or, if such enactment so
provides, out of moneys provided by Parliament, and such powers to make issues
directly from the Consolidated Fund or from moneys provided by Parliament may
be exercised notwithstanding that sums are held for such a capital purpose in
the Capital Purposes Fund.

(4) Subject to any provision made by the Ministry by virtue of sub-section (1)
of section twenty-nine of this Act any interest on or profit resulting from
the sale of investments in the Capital Purposes Fund shall be transferred to
the Reserve Fund before the end of each financial year.

(5) If at any time the Ministry determines that moneys set aside for capital
purposes in the Capital Purposes Fund have ceased to be required for the
purpose for which they were so set aside, or exceed the amount required for
that purpose, the amount thereof, or as the case may be, the amount of the
excess, shall be transferred to the Reserve Fund.

S.26 rep. by 1978 NI 11 art.14 sch.3 Pt.II

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/eafpai1950500/s25.html

Northern Irish Legislation

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 25