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Exchequer and Financial Provisions Act (Northern Ireland) 1950

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6Application of capital receipts in the Exchequer.N.I.

(1)Subject to the provisions of sub-section (3) of this section capital receiptsF1. . . shall be applicable from time to time as the Ministry may think fit—

(a)for all or any of the capital purposesF1. . . as defined by the last preceding section;

(b)to provide for meeting any temporary deficit of public income over public expenditure.

(2)Any provision of any enactment (whether passed before or after this Act, and including this Act) which empowers the Ministry to borrow moneys in order to provide for the issue of sums out of the Consolidated Fund for capital purposesF1. . . shall, subject to the provisions of sub-section (3) of this section, be deemed to empower the Ministry to provide for the issue of such sums out of any capital receiptsF1. . . F2. . . .

(3)Notwithstanding anything in the foregoing provisions of this section any capital receiptsF1. . . which are by virtue of any statutory provision to be applied or set aside for specific capital purposes shall be so applied or set aside before the end of the financial year in which they were received[F1 into the Consolidated Fund].

(4)The powers conferred by this section shall be in addition to and not in derogation of the powers of the Ministry under sub-section (2) of section one of this Act to determine that any issues for capital purposes in any financial year shall be of the nature of public expenditure for that year.

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