Finance Act, 1993
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Amendment of section 54 (creation and issue of securities by Minister for Finance) of Finance Act, 1970. |
137.— Section 54 of the Finance Act, 1970 , is hereby amended by the addition after subsection (8) (inserted by the Finance Act, 1988 ) of the following subsection: | |
“(9) (a) If the amount of principal of any moneys borrowed or otherwise raised under this section are, by means of a transaction entered into pursuant to subsection (7) of this section— | ||
(i) converted into a currency or currencies other than the currency in which such moneys were originally borrowed or raised, or | ||
(ii) subsequent to being converted in accordance with subparagraph (a) of this paragraph, converted into any currency or currencies, | ||
the proceeds of such conversion shall, notwithstanding the provisions of section 67 (8) of the Finance Act, 1988 , be placed to the credit of the account of the Exchequer and be available in the manner prescribed by subsection (3) of this section. | ||
(b) For the purposes of this section, references in section 4 (as amended by the Appropriation Act, 1969 ) of the Appropriation Act, 1965 , to a ‘sum borrowed’ shall be construed as including the proceeds of conversion of moneys borrowed to which paragraph (a) of this subsection relates and the reference in subsection (2) (d) of the said section 4 to ‘the amount to be taken as borrowed in the case of a borrowing’ shall be construed accordingly.”. |