|
|
Redemption Fund.
|
5.—(1) After providing for the payment of interest on moneys borrowed under section 4 of the Act of 1954 and for other fixed charges and obligations, the Board shall from time to time set aside such sums as it considers proper and pay them into the fund formed under section 12 of the Act of 1954 and the moneys in that fund shall be used for the repayment of moneys borrowed by the Board under the said section 4 (including the redemption of any security which under the conditions of issue is redeemable wholly or partly in cash).
|
|
| |
(2) The Board may invest any sum set aside under subsection (1) of this section and the income therefrom in—
|
|
| |
(a) such securities for the time being authorised by law for the investment of trust funds as the Board thinks proper;
|
|
| |
(b) such other manner as the Board, with the approval of the Minister for Finance, thinks proper;
|
|
| |
(3) All sums set aside under subsection (1) of this section or section 12 of the Act of 1954, together with the income therefrom, shall be applied in or towards the repayment of money borrowed by the Board under section 4 of the Act of 1954, including the redemption at maturity of any such security as is mentioned in subsection (1) of this section, or may, if the Board thinks fit, in the case of such a security, be applied to the purchase of the security and any security so purchased shall be written off and cancelled.
|
|
| |
(4) Section 12 of the Act of 1954 is hereby repealed, but, notwithstanding that repeal, the fund formed under that section shall, subject to the preceding provisions of this section, continue in existence.
|
