Finance Act, 1970

Creation and issue of securities by Minister for Finance.

54.—(1) For the purpose of raising money for the Exchequer, the Minister for Finance may, whenever and so often as he thinks fit, create and issue securities bearing interest at such rate as he thinks fit or no interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit.

(2) The principal of, the interest (if any) and the premium on redemption (if any) on securities issued under this section and the expenses incurred in connection with the issue thereof shall be charged on the Central Fund or the growing produce thereof.

(3) Moneys borrowed under 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.