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Appropriation Act, 1962

Power of the Minister for Finance to borrow up to £104,549,990.

3.—(1) The Minister for Finance may borrow from any person any sum or sums not exceeding in the whole one hundred and four million, five hundred and forty-nine thousand, nine hundred and ninety pounds, and for the purpose of such borrowing the Minister for Finance may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise, as he thinks fit.

(2) The principal and interest of any securities issued under this Act and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(3) Any moneys raised by securities issued under this Act 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 such Fund is available.

Appropriation of Grants