In short
This law allows the Minister for Finance to take specific amounts of money from the Central Fund to cover government expenses for the financial years ending March 1924 and March 1925, and also grants the power to borrow money for these purposes.
What it regulates
- The issuance of money from the Central Fund for government services.
- The specific amounts of money that can be issued for certain financial years.
- The power of the Minister for Finance to borrow money.
- The creation and conditions of securities for borrowing.
Who it concerns
- The Minister for Finance.
- The Bank of Ireland, as it may advance funds to the Minister for Finance.
Key points
- The Minister for Finance can issue £338,832 from the Central Fund for the year ending 31st March, 1924.
- The Minister for Finance can issue £10,909,520 from the Central Fund for the year ending 31st March, 1925.
- The Minister for Finance can borrow up to £11,248,352 in total.
- Any money borrowed and the associated expenses are charged on the Central Fund.
📄 Legal text
Central Fund Act, 1924
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Central Fund Act, 1924
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Number 8 of 1924.
CENTRAL FUND ACT, 1924.
ARRANGEMENT OF SECTIONS
Section
1.
Issue of £338,832 out of the Central Fund for the service of the year ending 31st day of March, 1924.
2.
Issue of £10,909,520 out of the Central Fund for the service of the year ending 31st day of March, 1925.
3.
Power of Minister for Finance to borrow.
4.
Short title.
Number 8 of 1924.
CENTRAL FUND ACT, 1924.
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-FOUR AND ONE THOUSAND NINE HUNDRED AND TWENTY-FIVE. [29th March, 1924.]
BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—
Issue of £338,832 out of the Central Fund for the service of the year ending 31st March, 1924.
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-four the sum of Three Hundred and Thirty-eight Thousand, Eight Hundred and Thirty-two Pounds.
Issue of £10,909,520 out of the Central Fund for the service of the year ending 31st March, 1925.
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-five the sum of Ten Million, Nine Hundred and Nine Thousand, Five Hundred and Twenty 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 Eleven Million, Two Hundred and Forty-eight Thousand, Three Hundred and Fifty-two 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.
Short title.
4.—This Act may be cited as the Central Fund Act, 1924.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.