Agreement With United Kingdom (Capital Sum) Act, 1938

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Number 13 of 1938.

AGREEMENT WITH UNITED KINGDOM (CAPITAL SUM) ACT, 1938.

ARRANGEMENT OF SECTIONS

Number 13 of 1938.

AGREEMENT WITH UNITED KINGDOM (CAPITAL SUM) ACT, 1938.

AN ACT TO PROVIDE FOR, THE CARRYING OUT OF THE FINANCIAL AGREEMENT MADE ON THE 25TH DAY OF APRIL, 1938, BETWEEN THE GOVERNMENT AND THE GOVERNMENT OF THE UNITED KINGDOM. [16th May, 1938.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Definitions.

1.—In this Act—

the expression “the Minister” means the Minister for Finance; the expression “the United Kingdom” means the United Kingdom of Great Britain and Northern Ireland.

Payment of ten million pounds to the United Kingdom Government.

2.—For the purpose of carrying out the Financial Agreement made on the 25th day of April, 1938, between the Government and the Government of the United Kingdom, it shall be lawful for the Minister to issue out of the Central Fund or the growing produce thereof, and to pay, at such times and in such instalments as he shall think proper, the sum of ten million pounds to the Government of the United Kingdom.

Power of the Minister to borrow.

3.—(1) In order to make the payments authorised by this Act, the Minister may borrow to an amount not exceeding ten million pounds.

(2) For the purpose of borrowing under this section, the Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

(3) All moneys borrowed under this section shall be paid into the Exchequer.

(4) The principal of and interest on all securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

Short title.

4.—This Act may be cited as the Agreement with United Kingdom (Capital Sum) Act, 1938.