- (1) The Treasury may out of the Consolidated Fund or the growing produce thereof advance any sums required for the purpose of discharging the liabilities of that fund under the principal Act as amended by this Act:
- Provided that the total amount of advances outstanding at any time shall not exceed ten million pounds.
- Any sums advanced under the foregoing provision, together with interest thereon at such rate as may be fixed by the Treasury, shall be charged on and be payable out of the Unemployment Fund.
- (2) 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 any part of sums so issued or for paying off any securities issued under this Section, so far as that payment is not otherwise provided for, borrow money by means of the issue of such securities as the Treasury think proper, and all sums so borrowed shall be paid into the Exchequer.
- (3) The principal of and interest on any securities issued under this Section shall be charged on and payable out of the Consolidated Fund or the growing produce thereof.
- (4) 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 in purchasing, reducing or paying off any securities issued under this Section.
§ Dr. MACNAMARAI beg to move in sub-section (1) to leave out the word "that" ["that fund"], and to insert 1268 instead thereof the words "the unemployment."
This is purely a drafting Amendment. As the Sub-section at present stands, the words "that fund" refers to the Consolidated Fund, whereas it should refer to the Unemployment Fund.
§ Amendment agreed to.
§ Clause, as amended, ordered to stand part of the Bill.