Finance Act, 1970
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Instalment savings schemes. |
53.—(1) In this section— | |
“instalment savings scheme” means a scheme of saving that— | ||
(a) (i) is established and administered by the Minister, or | ||
(ii) is established and administered by a bank, a trustee savings bank or a building society and is approved by the Minister, | ||
(b) is certified by the Minister as qualifying for exemption under section 18 of this Act, and | ||
(c) provides for the payment of periodical contributions for a specified period by individuals to the person administering the scheme and the repayment of the contributions and, subject to specified conditions, the payment of additional amounts by way of bonus or interest; | ||
“the Minister” means the Minister for Finance; | ||
“trustee savings bank” means a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1965. | ||
(2) The Minister may raise moneys for the Exchequer by means of an instalment savings scheme and shall have all such powers as are necessary for that purpose. | ||
(3) All moneys raised by the Minister or a trustee savings bank by means of an instalment savings scheme shall be placed to the credit of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available. | ||
(4) The contributions paid under an instalment savings scheme established by the Minister or a trustee savings bank and any bonus or interest payable under such a scheme shall be charged on the Central Fund or the growing produce thereof. | ||
(5) The expenses incurred by the Minister or a trustee savings bank in the administration of an instalment savings scheme shall be charged on the Central Fund or the growing produce thereof. |