Dáil Eireann Loans and Funds Act, 1924

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Minister for Finance may borrow to meet charges on Central Fund.

7.—(1) The Minister may borrow from any person and the Bank of Ireland may advance to the Minister any sum or sums not exceeding in the whole two million, five hundred thousand pounds to meet the sums charged on the Central Fund and the growing produce thereof by this Act, and for the purpose of such borrowing the Minister may create and issue securities bearing such rate of interest, and subject to such conditions as to repayment, redemption or otherwise as he shall think fit.

(2) The principal and interest of any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(3) Any money raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.