§ (1) The Treasury may out of the Consolidated Fund or the growing produce thereof advance on the security of the unemployment fund any sums required for the purpose of discharging the liabilities of that fund under this Part of this Act: Provided that the total amount of advances outstanding at any time shall not exceed three million pounds.
§ (2) If, whilst any part of any such advance is outstanding, it appears to the Treasury that the unemployment fund is insolvent, the Board of Trade shall, if the Treasury so direct, by order, make such temporary modifications in any of the rates of contribution, or the rates or periods of unemployment benefit, and during such period, as the Treasury may consider necessary, to secure the solvency of the unemployment fund:
§ Provided that no order made under this Sub-section shall reduce the weekly rate of unemployment benefit below the sum of five shillings, or shall increase the rates of contribution from employers or workmen by more than one penny per workman per week, or increase those rates unequally as between employers and workmen, and no such order shall remain in force more than three months after all the advances and interest thereon have been repaid.
§ (3) The Treasury may for the purpose of providing for the issue of sums out of the Consolidated Fund under this Section, or for the repayment to that fund of all or 932 any part of the sums so issued, or for paying off any security issued under this Section, so far as that payment is not otherwise provided for, borrow money by means of the issue of Exchequer Bonds or Treasury Bills, and all sums so borrowed shall be paid into the Exchequer.
§ (4) The principal of and interest on any Exchequer Bonds issued under this Section shall be charged on and payable out of the Consolidated Fund of the United Kingdom, or the growing produce thereof.
§ (5) Notwithstanding anything in any other Act, money in the hands of the National Debt Commissioners for the reduction of the National Debt shall not be applied to purchasing, reducing, or paying off any Exchequer Bonds or Treasury Bills issued under this Section.
§ Amendments made: In Sub-section (2), leave out the words "as the Treasury may consider necessary," and insert instead thereof the words "as the Board of Trade think fit, and as will on the whole, in the opinion of the Treasury, be sufficient."
§ At end of Sub-section (2), insert the words "or come into force until one month after it is made."
§ At end of words last inserted add,
- (3) An order under this Section shall not be made so as to be in force at any time while any previous order made under this Section is in force.
- (4) On any such order being made the Board of Trade shall cause the order, together with a special report as to the reasons for making the order, to be laid before Parliament.—[Mr. Buxton.]