Turf Development Act, 1946

Provision of money for advances to the Board out of Central Fund.

54.—(1) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under section 53 of this Act borrow on the security of the Central Fund or the growing produce thereof such sums as shall be required for that purpose, and the said Minister may, for the purposes of such borrowing, 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 all moneys so borrowed into the Exchequer.

(2) The principal of and interest on all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof.