Widows' and Orphans' Pensions Act, 1935
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Pensions Investment Account. |
42.—(1) Any sums standing to the credit of the Fund which are not required to meet current expenditure shall be transferred to the Minister for Finance and by him credited to an account (in this Act referred to as the Account) to be called the “Pensions Investment Account.” | |
(2) There shall be paid into the Account, out of moneys provided by the Oireachtas, in respect of the financial year ending on the 31st day of March, 1936, and in respect of each of the next nine succeeding financial years, the annual sum of two hundred and fifty thousand pounds, and thereafter such sums as the Oireachtas may determine. | ||
(3) Any sums standing to the credit of the Account shall be invested and kept invested at the discretion of the Minister for Finance on behalf of the Fund in all or any of the following ways, that is to say, in the purchase of any stock, fund or security in which trustees are authorised by section 18 of the Adaptation of Enactments Act, 1922 (No. 2 of 1922) to invest trust funds or in the purchase of any stock, shares or security the principal and interest of which is guaranteed under statutory authority by the Government of Saorstát Eireann, and any interest received from such investment shall be credited to the Account. | ||
(4) Moneys liable to investment under the immediately preceding sub-section of this section shall be Government money within the meaning of the Approved Investments Act, 1933 (No. 34 of 1933), and that Act shall apply in regard thereto accordingly. | ||
(5) If at any time the moneys in the Fund are insufficient to meet current liabilities the Minister for Finance shall, out of the Account, issue to the Fund such sums as may be required for the purpose of discharging those liabilities. |