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Finance Act 2009

Summary

1.This section requires the Commissioners for the Reduction of the National Debt (“the Commissioners”) to pay to the Consolidated Fund surplus sums held by them by virtue of their investments under section 17 of the National Savings Bank Act 1971 (“the 1971 Act”).

2.The section also gives a power to the Treasury to repeal or amend any enactment, by order, where the amendment is required as a consequence of the closure of ordinary accounts or the transfer of the surplus to the Consolidated Fund.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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