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16 1943

FINANCE ACT, 1943

PART V.

Miscellaneous and General.

Re-constitution of the Savings Certificates (Interest Charge Equalisation) Fund.

17. —(1) In this section—

the expression “the Minister” means the Minister for Finance; the expression “the Principal Section” means section 34 of the Finance Act, 1929 (No. 32 of 1929);

the expression “the Fund” means the Savings Certificates (Interest Charge Equalisation) Fund set up in pursuance of the Principal Section;

the expression “savings certificates” has the meaning given to it by sub-section (5) of the Principal Section for the purposes of that section;

references to moneys standing to the credit of an Account shall, where the context so permits, be construed and have effect as including investments for the time being included in that Account.

(2) The Fund shall henceforth be known as the Savings Certificates Reserve Fund in lieu of the name given to it by the Principal Section, and that change of name shall be deemed to have had effect as on and from the 1st day of April, 1943.

(3) The Fund shall comprise and be deemed to have comprised, as on and, from the 1st day of April, 1943, two accounts, whereof one shall be known and is in this section referred to as the Principal Reserve Account and the other shall be known and is in this section referred to as the Interest Reserve Account.

(4) The following provisions shall apply and have effect in relation to the investment of the Fund in pursuance of sub-section (2) of the Principal Section and in relation to other investments included in the Fund, that is to say:—

(a) investments of moneys standing to the credit of the Principal Reserve Account shall be placed to the credit of that Account;

(b) investments of moneys standing to the credit of the Interest Reserve Account shall be placed to the credit of that Account;

(c) income arising from investments standing to the credit of the Principal Reserve Account shall be placed to the credit of that Account;

(d) income arising from investments standing to the credit of the Interest Reserve Account shall be placed to the credit of that Account;

(e) whenever moneys are required by or under this section or otherwise by law to be paid out of the Principal Reserve Account or out of the Interest Reserve Account, it shall be lawful to sell so much (if any) of the investments then standing to the credit of the Account out of which such payment is so required to be made as shall be requisite for making that payment;

(f) the reference in sub-section (2) of the Principal Section to balances standing to the credit of the Fund shall be construed and have effect as including balances standing to the credit of either of the Accounts comprised in the Fund and the reference in the said sub-section to payments out of the Fund authorised by the Principal Section shall be construed and have effect as including payments authorised by this section out of the Fund or either of the said Accounts comprised therein.

(5) It shall be lawful for the Minister, if and so often as he so thinks proper, to issue and pay from the Central Fund or the growing produce thereof into the Fund such sums as he may think proper in respect of moneys received by the Exchequer from the sales of savings certificates, and all moneys so paid into the Fund shall be placed to the credit of the Principal Reserve Account.

(6) The following provisions shall apply and have effect in relation to the Principal Reserve Account, that is to say:—

(a) the sum of three hundred thousand pounds (including investments representing that sum) which was transferred and paid to the Fund in pursuance of paragraph (b) of sub-section (3) of section 60 of the Central Bank Act, 1942 (No. 22 of 1942), shall be placed to the credit of the Principal Reserve Account and shall be deemed to have been so placed on the 1st day of April, 1943;

(b) there shall be paid and transferred to the Fund and placed to the credit of the Principal Reserve Account all such (if any) moneys and investments as the Minister shall, from time to time, in exercise of powers in that behalf conferred on him by law direct to be so paid, transferred, and placed;

(c) the moneys from time to time standing to the credit of the Principal Reserve Account shall be held as a reserve against the liability for the principal of moneys borrowed on the security of savings certificates;

(d) whenever and so often as it appears to the Minister that the moneys standing to the credit of the Principal Reserve Account exceed the amount reasonably required as a reserve against the liability in respect of the principal of moneys borrowed and then outstanding on the security of savings certificates, the Minister may, if he so thinks proper, direct that there shall be transferred and paid from the Principal Reserve Account to the Exchequer, for or towards the reimbursement of sums paid out of the Central Fund or the growing produce thereof on foot of the repayment of the principal of moneys borrowed on the security of savings certificates, so much (whether the whole or a part) as the Minister shall think proper of the excess of the moneys then standing to the credit of the Principal Reserve Account over the amount appearing to him to be reasonably required as aforesaid.

(7) The following provisions shall apply and have effect in relation to the Interest Reserve Account, that is to say:—

(a) the investments and moneys standing to the credit of the Fund immediately before the 1st day of April, 1943, shall be credited to the Interest Reserve Account and shall be deemed to have been placed to the credit of that Account on the said date;

(b) all moneys paid to the Fund under sub-section (1) of the Principal Section after the 1st day of April, 1943, shall be placed to the credit of the Interest Reserve Account;

(c) sub-section (3) of the Principal Section shall, as on and from the 1st day of April, 1943, apply and have effect in relation only to the Interest Reserve Account, and accordingly the references in the said sub-section to the Fund shall be construed and have effect as references to the Interest Reserve Account and shall be deemed to have had such effect as on and from the said date.

(8) Nothing in this section shall prejudice or affect any reference to the Fund which is contained in any Act passed after the enactment of the Principal Section and before the enactment of this section, and accordingly every such reference shall continue to have effect as if this section had not been enacted.

Duration of imprisonment for non-payment of a tax or duty.

18. —Where any person was or shall be committed to prison (whether before or after the passing of this Act) by a court of competent jurisdiction for non-payment of a sum of money due to the Minister for Finance for the benefit of the Central Fund in respect of any tax or duty under the care and management of the Revenue Commissioners, the Revenue Commissioners are hereby authorised and required on the passing of this Act or at the expiration of six months from the date of the committal of such person to prison (whichever is the later) to order the discharge of such person from prison whether the sum for the nonpayment of which such person was so committed shall or shall not have been paid.

Transfer of money from the Road Fund to the Exchequer.

19. —With a view to providing moneys to meet general charges which will fall upon the Central Fund, the sum of one hundred thousand pounds shall be transferred and paid from the Road Fund to the Exchequer at such time or times in the financial year ending on the 31st day of March, 1944, and in such manner as the Minister for Finance shall direct.

Care and management of taxes and duties.

20. —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.

Short title, construction, and commencement.

21. —(1) This Act may be cited as the Finance Act, 1943.

(2) Part I of this Act shall be construed together with the Income Tax Acts, and Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to duties of excise, shall be construed together with the statutes which relate to the duties of excise and the management of those duties.

(3) Part I of this Act shall be deemed to come into force on and shall take effect as on and from the 6th day of April, 1943.