Finance Act, 1916

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Part IV.

National Debt and Loans.

Limited power to borrow on Exchequer bonds for Ways and Means purposes.

5 & 6 Geo. 5. c. 55.

4 & 5 Geo. 5. c. 60.

58.—(1) The Treasury may during the continuance of the present war and a period of six months thereafter borrow for the purpose of raising any sums which they are authorised to issue out of the consolidated fund under any consolidated Fund Act or Appropriation Act or for the purpose of paying off any securities issued under any such Act in the same manner as they are authorised to borrow under subsection (1) of section one of the War Loan Act, 1915:

Provided that any securities issued under this section shall be repaid or redeemed not later than five years after the date on which they are issued.

(2) Subsection (2) and (3) of section one of the War Loan act, 1914, and subsection (2) and (3) of section fourteen of the Finance Act, 1914 (Session 2), shall apply to any sums borrowed under this section.