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Financial and other provisions.
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3.—(1) The subsequent subsections of this section shall come into operation on the day on which the Agreement is signed on behalf of the Government.
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(2) The following payments, as and when they become appropriate to be made on behalf of the Government, shall be made out of the Central Fund or the growing produce thereof:
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(a) payments under subsections (a) to (d) of Section 2 of Article II of the Agreement,
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(b) payments under Section 1 of Article III of the Agreement,
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(c) payments under paragraph (a) of Section 2 of Article IV of the Agreement,
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(d) payments under subparagraph (i) of paragraph (c) of Section 4 of Article VII of the Agreement.
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(3) The Minister for Finance may create and issue to the Association, in such form as he thinks fit, such non-interest-bearing and non-negotiable notes or other obligations as are provided for in subsection (e) of Section 2 of Article II of the Agreement, and any payments in respect of any such notes or obligations so created and issued shall be made out of the Central Fund or the growing produce thereof.
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(4) The Minister for Finance may borrow from any person, and the Bank of Ireland may advance to him, any sum or sums required for payments under this section and, for the purpose of such borrowing, he may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.
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(5) The principal and interest of any securities issued under subsection (4) of this section and the expenses incurred in connection with their issue shall be charged on the Central Fund or the growing produce thereof.
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(6) Any moneys received by the Government from the Association or raised by securities under subsection (4) of 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 that Fund is available.
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(7) The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Association and may advance to the Minister for Finance any sum or sums required for payments under this section.
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(8) The provisions of Sections 2, 3, 4, 5, 6, 7, 8 and 9 of Article VIII of the Agreement shall have the force of law in the State, subject to the proviso that nothing in the said Section 9 shall be construed—
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(i) as entitling the Association to import goods, free of customs duty, without any restriction on their subsequent sale in the country to which they were imported,
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(ii) as conferring on the Association any exemption from duties or taxes which form part of the price of goods sold, or
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(iii) as conferring on the Association any exemption from duties or taxes which are in fact no more than charges for services rendered.
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