In short
This law allows the Minister for Finance to take money from the Central Fund to cover government expenses for the years ending March 31, 1923, and March 31, 1924. It also grants the Minister power to borrow money for these purposes.
What it regulates
- The issuance of specific sums from the Central Fund for government services.
- The power of the Minister for Finance to borrow money.
- The creation and conditions of securities for borrowing.
- Adjustments with the British Exchequer.
Who it concerns
- The Minister for Finance.
- The Bank of Ireland.
- Any person from whom the Minister for Finance may borrow.
Key points
- The Minister for Finance may issue £692,914 for the year ending March 31, 1923.
- The Minister for Finance may issue £14,099,174 for the year ending March 31, 1924.
- The Minister for Finance may borrow up to £14,792,088 in total.
- Money raised by securities will be credited to the Exchequer and form part of the Central Fund.
📄 Legal text
Central Fund (No. 1) Act, 1923
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Central Fund (No. 1) Act, 1923
Central Fund (No. 1) Act, 1923
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Number 7.
CENTRAL FUND (No. 1) ACT, 1923.
ARRANGEMENT OF SECTIONS
Section
1.
Issue of £692,914 out of the Central Fund for the service of the year ending 31st March, 1923.
2.
Issue of £14,099,174 out of the Central Fund for the service of the year ending 31st March, 1924.
3.
Power of Minister for Finance to borrow.
4.
Adjustments with British Exchequer.
5.
Short Title.
Number 7.
CENTRAL FUND (No. 1) ACT, 1923.
AN ACT TO APPLY CERTAIN SUMS OUT OF THE CENTRAL FUND TO THE SERVICE OF THE YEARS ENDING ON THE THIRTY-FIRST DAY OF MARCH, ONE THOUSAND NINE HUNDRED AND TWENTY-THREE, AND ONE THOUSAND NINE HUNDRED AND TWENTY-FOUR. [28th March, 1923.]
BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—
Issue of £692,914 out of the Central Fund for the service of the year ending 31 st March, 1923.
1.—The Minister for Finance may issue out of the Central Fund and apply towards making good the supply granted for the service of the year ending on the thirty-first day of March, one thousand nine hundred and twenty-three, the sum of Six Hundred and Ninety-two Thousand Nine Hundred and Fourteen Pounds.
Issue of £14,099,174 out of the Central Fund for the service of the year ending 31 st March, 1924.
2.—The Minister for Finance may issue out of the Central Fund, and apply towards making good the supply granted for the service of the year ending on the thirty-first day of March, one thousand nine hundred and twenty-four, the sum of Fourteen Million Ninety-nine Thousand One Hundred and Seventy-four Pounds.
Power of Minister for Finance to borrow.
3.—(1) The Minister for Finance may borrow from any person and the Bank of Ireland may advance to the Minister for Finance, on the credit of the said sums any sum or sums not exceeding in the whole Fourteen Million Seven Hundred and Ninety-two Thousand and Eighty-eight Pounds and for the purpose of such borrowing the Minister for Finance may create and issue any securities bearing such rate of interest, and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.
(2) The principal and interest of any securities issued under this Act and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.
(3) Any money raised by securities issued under this Act 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 such Fund is available.
Adjustments with British Exchequer.
4.—There shall be charged on and payable out of the Central Fund or the growing produce thereof, such sum or sums as may be required for the purpose of effecting the adjustments with the British Exchequer, for which provision is made in Article 5 of the Provisional Government (Transfer of Functions) Order, 1922, and Article 74 of the Constitution of Saorstát Eireann.
Short Title.
5.—This Act may be cited as the Central Fund (No. 1) Act, 1923.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.