Central Fund Act, 1949
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American Loan Counterpart Fund. |
4.—(1) As soon as may be after the passing of this Act there shall be established by the Minister for Finance a fund to be known as the American Loan Counterpart Fund (in this section referred to as “the Fund”). | |
(2) The cash account of the Fund shall be kept in the books of the Central Bank of Ireland. | ||
(3) The Minister for Finance may from time to time, as he thinks fit, pay into the Fund money for the time being to the credit of the account established under subsection (4) of section 2 of the Appropriation Act, 1948 (No. 13 of 1948). | ||
(4) Any sums from time to time paid out of the Central Fund for the payment of principal and interest of money borrowed by the Minister for Finance from the Government of the United States of America or any agency thereof shall be repaid out of the Fund to the Central Fund. | ||
(5) The Minister for Finance may from time to time, as he thinks fit, invest money for the time being to the credit of the Fund in any manner in which moneys of the Post Office Savings Bank are for the time being authorised by law to be invested and may realise any such investment. | ||
(6) An account of the Fund shall be prepared in respect of each financial year and shall be audited by the Comptroller and Auditor General and laid before each House of the Oireachtas. |