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Funds to be provided out of Irish Church surplus. 32 & 33 Vict. c. 42.
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3. The Commissioners of Church Temporalities in Ireland shall, out of the property accruing to them under the Irish Church Act, 1869, when and as required by the Commissioners for the Reduction of the National Debt, with the consent of the Lord Lieutenant and the Treasury, provide for the purposes of this Act, either in cash or in securities or rentcharges of an equivalent value, such sums, not exceeding in the whole the sum of one million three hundred thousand pounds sterling, as the Commissioners for the Reduction of the National Debt shall from time to time certify to be required for the purposes of this Act. So long as the said capital sum of one million three hundred thousand pounds, or any part of it, remains outstanding in the hands of the Commissioners of Church Temporalities, they shall on the first day of July and the first day of January in each year pay to the Commissioners for the Reduction of the National Debt interest on the said sum or on the balance thereof remaining unpaid from time to time at the rate of three pounds per cent, per annum. The said sum, with the interest thereof, is in this Act styled “The Pension Fund.”
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