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Non-interest-bearing securities.
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4.—(1) The Minister for Finance, for the purpose of any borrowing which he is authorised by or under any Act to effect, may create and issue non-interest-bearing securities which shall be subject to such conditions as to redemption or otherwise as he thinks fit, including conditions providing for redemptions of a stated proportion of the securities by means of periodical drawings.
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(2) The excess of the amount received on the redemption of a unit of securities under this section over the amount which was paid for the unit on its issue shall, save where the excess falls to be taken into account in computing for the purposes of taxation the profits of a trade, be exempt from income tax (including surtax) and corporation profits tax.
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(3) The Minister for Finance may make regulations governing securities under this section and drawings for their redemption.
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(4) The amounts required for the redemption of securities under 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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(5) Any moneys raised by securities under this section shall be placed to the credit of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.
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(6) Any expenses incurred in connection with the management of securities under this section shall be calculated in such manner as may be determined by the Minister for Finance and shall be defrayed out of moneys provided by the Oireachtas.
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