EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 7 Provision for meeting capital deficits in the Exchequer.

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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 7

Provision for meeting capital deficits in the Exchequer.

7.(1) The Ministry shall have power to provide in such manner as it thinks fit
for the discharge of any capital deficits in the Exchequer including any such
deficit resulting from or which in the opinion of the Ministry is likely to
result from

(a)a declared deficit for any year;

(b)a capital loss on the sale or redemption of securities purchased for
investment by virtue of section nineteen of this Act;

(c)a loss on the sale or redemption of securities held by the Ministry for the
purpose of repayment of any issues made from the Consolidated Fund for capital
purposes of the Exchequer;

(d)the borrowing of moneys on the security of the Consolidated Fund by the
issue of securities at a discount;

(e)the operation of any enactment under or by virtue of which the repayment of
the whole or part of any issue made from the Consolidated Fund for any capital
purpose is to be written off or is for any other reason not to be made;

(2) In the exercise of its powers under the preceding sub-section, and without
prejudice to the generality of such powers, the Ministry may from time to time
direct that such portion of the Reserve Fund created by section twenty-one of
this Act as it may determine (not being an amount included in that Fund which
is subject to adjustment by virtue of sub-section (3) of that section) may be
deemed to be a specific reserve created to meet a capital deficit in the
Exchequer which has occurred or which in the opinion of the Ministry is likely
to occur.

(3) Pending the determination by the Ministry whether any such specific
reserve is required for the purpose for which it was created, the amount
thereof shall be deemed not to be available for any other purpose for which
the Reserve Fund was created:

Provided that if at any time the Ministry determines that any such specific
reserve has ceased to be required for the purpose for which it was created, or
exceeds the amount required for that purpose, the amount thereof or, as the
case may be, the amount of the excess shall thereupon be deemed to be again
available for the general purposes of the Reserve Fund.

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Northern Irish Legislation

EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 7