EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 6 Application of capital receipts in the Exchequer.

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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 6

Application of capital receipts in the Exchequer.

6.(1) Subject to the provisions of sub-section (3) of this section capital
receipts in the Exchequer shall be applicable from time to time as
the Ministry may think fit

(a)for all or any of the capital purposes of the Exchequer as defined by the
last preceding section;

(b)to provide for meeting any temporary deficit of public income over public
expenditure.

(2) Any provision of any enactment (whether passed before or after this Act,
and including this Act) which empowers the Ministry to borrow moneys in order
to provide for the issue of sums out of the Consolidated Fund for capital
purposes of the Exchequer shall, subject to the provisions of sub-section (3)
of this section, be deemed to empower the Ministry to provide for the issue of
such sums out of any capital receipts in the Exchequer, including sums
transferred from the Reserve Fund for the purpose by virtue of paragraph (c)
of sub-section (1) of section twenty-one of this Act.

(3) Notwithstanding anything in the foregoing provisions of this section any
capital receipts in the Exchequer which are by virtue of any statutory
provision to be applied or set aside for specific capital purposes shall be so
applied or set aside before the end of the financial year in which they were
received into the Exchequer.

(4) The powers conferred by this section shall be in addition to and not in
derogation of the powers of the Ministry under sub-section (2) of section one
of this Act to determine that any issues for capital purposes in any financial
year shall be of the nature of public expenditure for that year.

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Northern Irish Legislation

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 6