Finance Act, 1930

Investment of State moneys.

17.—(1) The Minister for Finance may from time to time as and when he thinks fit invest any moneys for the time being standing to the credit of the Exchequer Account in any bonds, bills, notes, or other securities issued by or on behalf of the Government of the United Kingdom of Great Britain and Northern Ireland and maturing within twelve months from the acquisition thereof and carrying the direct obligation of the said Government in respect of both principal and interest.

(2) The Minister for Finance may hold any security purchased or taken by him under this section until it matures or may, if and when he thinks fit, realise such security by sale or otherwise before the maturity thereof.

(3) The net proceeds of the realisation (whether by maturity, sale or otherwise) of any security taken or purchased by the Minister for Finance under this section and also all interest or payments in the nature of interest received by the said Minister in respect of any such security shall be paid into the Exchequer.