§ (1) Any money which may be raised by the creation of stock under the Act of 1903 or this Act may be temporarily raised by the issue of bills or bonds in such form, and for such period not exceeding seven years, and bearing such rate of interest not exceeding 3 per cent, as the Treasury may determine.
§ (2) The interest on or in respect of any such bills or bonds shall be charged and paid in the same manner as the dividends on stock under section 29 of the Act of 1903, and the provisions of that respecting the income account of the Irish Land Purchase Fund shall apply as if the interest on or in respect of the bills or bonds were dividends on stock.
§ (3) The principal money of any such bills or bonds shall, subject to the provisions of this Act, be repaid out of the Irish Land Purchase Fund, and, if the capital account of that fund is insufficient shall be charged on and payable out of the Consolidated Fund of the United Kingdom or the growing produce thereof.
§ Stock or fresh bills or bonds may be issued for the purpose of raising the principal money required when necessary.
§ (4) Sub-sections (6) and (7) of section thirty-six of the Act of 1903 (which relate to the deficiency arising from the issue of stock at a discount and the surplus arising from the issue of stock at a premium), shall apply in the case of the issue of bills or bonds under this section as they apply in the case of the issue of stock.
§ Clause agreed to.
§ Whereupon the Chairman left the chair to make his Report to the House.
§ Committee report Progress; to sit again upon Friday next.