The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947

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Advances of moneys out of the Central Fund.

4.—(1) All moneys from time to time required by the Minister to pay for any shares of the Terminating Company purchased by him under this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2) For the purpose of providing moneys for the sums advanced out of the Central Fund under this section the Minister may borrow from any person any sum or sums, 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 thinks fit, and shall pay the moneys so borrowed into the Exchequer.

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