[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 3

Declared surplus or deficit.

3. The amount shown, by the account of the public income and expenditure
required under paragraph (a) of sub-section (1) of the last preceding section,
as the surplus of public income over public expenditure or as the excess of
public expenditure over public income, as the case may be, for any financial
year, shall be carried at the end of that year to the account prescribed by
paragraph (b) of the said sub-section, and

(a)the amount of any such surplus of income over expenditure (which may be
called "the declared surplus" for that year) shall in the next succeeding
financial year be issued to the Reserve Fund as provided by paragraph (b) of
sub-section (2) of section twenty-one of this Act; or

(b)the amount of any such excess of expenditure over income (which may be
called "the declared deficit" for that year) shall be deemed to be a capital
deficit of the Exchequer, to be discharged at such time and in such manner as
the Ministry thinks fit, in accordance with section seven of this Act.

© 1950 Crown Copyright

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/eafpai1950500/s3.html