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Fund established for paying off Debt.
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XIII. And be it further enacted, That a yearly Sum equal to the Amount of One Pound for every One hundred Pounds, of all Sums which at any time after the passing of this Act shall be borrowed by the said Corporation on the Credit of the said Taxes, Rates, Duties and Revenues, or any Part of them, under the Authority of this Act, shall yearly and every Year, from and immediately after the Twenty fourth Day of June One thousand eight hundred and eleven, be taken by the said Corporation from the Produce of the said Taxes, Payments, Rates, Duties and Revenues, and shall be laid out by Four equal quarterly Sums on the Twenty ninth Day of September, the Twenty fifth Day of December, the Twenty fifth Day of March and the Twenty fourth Day of June, or within Thirty Days thereof in each and every Year, in the Name of the said Corporation in the Purchase of Three Pounds Ten Shillings per Centum Annuities transferrable at the Bank of Ireland, or in such other Stock in the Public Funds at the Bank of Ireland, as the said Corporation shall in their Discretion think fit; and also that all Dividends which shall accrue and become payable, for and on account of such Stock in the said Public Funds as shall be so purchased as aforesaid, and also all Dividends which shall arise and be payable from such Accumulation of the said Stock as is hereinafter directed to be made, shall Half-yearly, or as soon as such Dividend shall from time to time accrue and become payable, be laid out in the Name of the said Corporation, in the Purchase of such Stock or Funds as aforesaid, and so from time to time during the Continuance of the said former Acts and this Act, until such Stock so to be purchased as aforesaid shall be worth to be sold a Sum of One hundred Pounds, and then and not before the said Annuities or other Stock so to be purchased in the Public Funds as aforesaid shall be sold, and the Money arising therefrom shall be be applied in the purchasing such Debenture when the same can be procured at or under Par, and every Debenture so purchased shall be immediately cancelled, and so from time to time a yearly Sum equal to the Amount of One Pound for every One hundred Pounds of all Money borrowed by and due from the said Corporation under the Authority of this Act, shall continue to be invested in such Funds and Annuities, and shall accumulate and shall be applied whenever the same shall amount to the Sum of One hundred Pounds as aforesaid, until the whole of all Sums borrowed and to be borrowed by the said Corporation under the Authority of this Act shall be fully paid off and discharged.
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