Finance Act, 1997

Amendment of section 54 (creation and issue of securities by Minister for Finance) of Finance Act, 1970 , etc.

161.—(1) Section 54 of the Finance Act, 1970 , is hereby amended by the insertion after subsection (9) (inserted by the Finance Act, 1993 ) of the following subsection:

“(10) (a) The Minister for Finance may, whenever and so often as the Minister thinks fit, nominate any securities issued under subsection (1) of this section as securities under which each obligation to make a payment whether of principal or of interest, may be separated and each such separated obligation (in this subsection referred to as ‘strips’) shall constitute securities for the purposes of this section.

(b) Strips created by virtue of paragraph (a) may be used to constitute securities fungible with the securities from which such strips were derived.

(c) The Minister may, whenever and so often as the Minister thinks fit, prescribe such terms and conditions for the purposes of implementing the provisions of paragraphs (a) and (b).”.