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Creation and issue of securities on behalf of the fund.
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7.—(1) For the purpose of repaying any advance made or deemed by this Act to have been made to the fund by the Minister under this Act out of the Central Fund or the growing produce thereof, the Minister may create and issue on behalf of the fund securities bearing interest at such rates and subject to such conditions as to repayment, redemption, or otherwise as he may determine and the Minister may consolidate an issue of such securities with all or any similar issues or issue previously made.
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(2) The principal of and interest on all securities created and issued by the Minister under this section shall be charged on and paid out of the fund and, if and so far as the fund is insufficient for that purpose, a sum sufficient to make good the deficiency shall be advanced to the fund out of the Central Fund or the growing produce thereof.
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(3) All moneys advanced to the fund out of the Central Fund or the growing produce thereof in pursuance of the next preceding sub-section of this section shall be repaid to the Central Fund out of the fund, and if and so far as such moneys are not so repaid they shall be repaid out of moneys provided by the Oireachtas.
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(4) The Minister may by agreement exchange, on such terms and in such manner as he shall think proper (including a payment of money out of the fund), any securities created and issued under this section for any securities the service of which is charged on the Central Fund or any liability or money which is, under the Telephone Capital Acts, 1924 to 1931, dischargeable or payable out of the Central Fund or out of moneys provided by the Oireachtas.
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(5) All securities received by the Minister on an exchange under the next preceding sub-section of this section shall be cancelled and the annual appropriation for the service of the issue of which such securities form part shall be abated accordingly, and all liabilities and moneys in exchange for which securities are issued under the said next preceding sub-section shall be cancelled and the annual appropriation for the service thereof shall (as the case may require) cease or be abated.
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(6) A warrant issued by the Minister shall be sufficient authority to the Bank of Ireland to make such transfers and do all such other things as may be required to be done by it to give effect to any exchange agreed upon under this section.
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