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 1948 and March 1949, and also grants the power to borrow money for these purposes.
What it regulates
- The issue of money from the Central Fund for government services.
- The amount of money to be issued for the financial year ending March 31, 1948.
- The amount of money to be issued for the financial year ending March 31, 1949.
- The power of the Minister for Finance to borrow money.
Who it concerns
- The Minister for Finance.
- The Bank of Ireland.
Key points
- The Minister for Finance may issue £1,995,859 from the Central Fund for the year ending March 31, 1948.
- The Minister for Finance may issue £24,143,298 from the Central Fund for the year ending March 31, 1949.
- The Minister for Finance may borrow up to £26,139,157.
- Any money borrowed and the associated costs will be charged to the Central Fund.
📄 Legal text
Central Fund Act, 1948
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Central Fund Act, 1948
Central Fund Act, 1948
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Number 6 of 1948.
CENTRAL FUND ACT, 1948.
ARRANGEMENT OF SECTIONS
Section
1.
Issue of £1,995,859 out of the Central Fund for the service of the year ending 31st March, 1948.
2.
Issue of £24,143,298 out of the Central Fund for the service of the year ending 31st March, 1949.
3.
Power of Minister for Finance to borrow up to £26,139,157.
4.
Short Title.
Number 6 of 1948.
CENTRAL FUND ACT, 1948.
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 FORTY-EIGHT AND ONE THOUSAND NINE HUNDRED AND FORTY-NINE. [18th March, 1948.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—
Issue of £1,995,859 out of the Central Fund for the service of the year ending 31st March, 1948.
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 forty-eight the sum of One Million Nine Hundred and Ninety-five Thousand Eight Hundred and Fifty-nine Pounds.
Issue of £24,143,298 out of the Central Fund for the service of the year ending 31st March, 1949.
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 forty-nine, the sum of Twenty-four Million One Hundred and Forty-three Thousand Two Hundred and Ninety-eight Pounds.
Power of Minister for Finance to borrow up to £26,139,157.
3.—(1) The Minister for Finance may borrow from any person and the Bank of Ireland may advance to the Minister for Finance any sum or sums not exceeding in the whole Twenty-six Million One Hundred and Thirty-nine Thousand One Hundred and Fifty-seven 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, 1948.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.