Finance Act, 1929
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PART V. Miscellaneous and General. | ||
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Savings Certificates (Interest Charge Equalisation) Fund. |
34.—(1) There shall be issued and paid from time to time out of the Central Fund or the growing produce thereof to a fund to be known and hereinafter referred to as the Savings Certificates (Interest Charge Equalisation) Fund such sums as the Minister for Finance may from time to time determine to be necessary for or towards meeting the liability for the interest heretofore accrued and hereafter accruing on moneys borrowed by the said Minister and for the time being outstanding on the security of savings certificates. | |
(2) The Savings Certificates (Interest Charge Equalisation) Fund shall be under the control of the Minister for Finance and the balances from time to time standing to the credit of that Fund and not required for making any payment thereout authorised by this section shall be kept invested in such manner as the said Minister shall direct in some one or more of the following investments, that is to say, stocks, funds, and securities mentioned in paragraphs (a), (b) and (c) of sub-section (1) of section 18 of the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and securities guaranteed as to principal and interest by the Government of Saorstát Eireann. | ||
(3) Whenever and so long as the amount of the investments and moneys to the credit of the Savings Certificates (Interest Charge Equalisation) Fund is equal to or exceeds the estimated liability then existing in respect of interest then accrued on moneys borrowed and then outstanding on the security of savings certificates, moneys payable in respect of interest to holders of savings certificates shall be paid out of the said Fund to such extent as the Minister for Finance shall direct. | ||
(4) If and when all moneys borrowed by the Minister for Finance (whether before or after the passing of this Act) on the security of savings certificates have been fully repaid the Savings Certificates (Interest Charge Equalisation) Fund shall be wound up and the balance (if any) remaining to the credit thereof shall be paid into or disposed for the benefit of the Exchequer in such manner as the said Minister shall direct. | ||
(5) In this section the expression “savings certificate” means a security issued by the Minister for Finance under which the purchaser thereof, by virtue of an immediate payment of a specified sum, becomes entitled after a specified period to receive a larger sum consisting of the said sum so originally paid and accumulated interest thereon. |