|
|
Financial and other provisions.
|
3.—(1) The subsequent subsections of this section shall come into operation on the day on which the State becomes a member of the Bank in accordance with the terms of Articles 61 and 62 of the Agreement.
|
|
| |
(2) Payments under Articles 5 and 6 of the Agreement in respect of subscription to the Bank, as and when they become appropriate to be made on behalf of the State, shall be made out of the Central Fund or the growing produce thereof.
|
|
| |
(3) The Minister may create and issue to the Bank, in such form as he thinks fit, such non-interest-bearing and non-negotiable notes or other obligations as are provided for in paragraphs 2 and 7 of Article 6 of the Agreement, and any payments in respect of any such notes or obligations so created and issued shall be made out of the Central Fund or the growing produce thereof.
|
|
| |
(4) Any moneys received on behalf of the State from the Bank 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 that Fund is available.
|
|
| |
(5) The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Bank and may advance to the Minister any sum or sums required for payments under this section, subject to such security, rate of interest and other terms and conditions as are agreed between the Minister and the Central Bank of Ireland.
|
|
| |
(6) The principal and interest of any advances made under subsection (5) of this section shall be charged on the Central Fund or the growing produce thereof.
|
