- (1) The Treasury may borrow in such manner as they think fit on the security of the Consolidated Fund—
- (a) any sums required for raising any supply granted to His Majesty for the service of the year ending the thirty-first day of March nineteen hundred and forty; and
- (b)an additional sum not exceeding two hundred and fifty million pounds and;
- (c) any sums required for the repayment of any maturing securities issued or deemed to have been issued under the War Loan Acts, 1914 to 1919, or any provision thereof or issued under any Act of the present Session for giving effect to this Resolution, or of any Treasury bills or ways and means advances;
- (2) the Treasury may, for the purpose of carrying out any arrangement for the exchange of Government securities, create and issue new securities and undertake to make payments to holders of securities surrendered in pursuance of the arrangement;
- (3) any Act of the present Session for giving effect to the foregoing provisions of this Resolution may contain any provisions incidental thereto or consequential thereon, including, in particular, provisions—
- (a) charging on the Consolidated Fund—
- (i) the principal of and interest on securities issued under the Act;
- (ii) any expenses incurred in connection with the raising of money or the issue or redemption of securities under the Act;
- (iii) any remuneration payable to the Bank of England or the Bank of Ireland in respect of the management of securities issued under the Act;
- (iv) any money required for the purpose of any sinking fund established under the Act or for the purpose of carrying out any such arrangement for the exchange of securities as aforesaid;
- (b) authorising the payment into the Exchequer of any money received by the Treasury in pursuance of any such arrangement;
- (c) enabling money raised by the issue of national savings certificates to be applied for any purpose for which money may be raised under the Act;
- (d) authorising the Treasury to borrow under the Act money which, by virtue of any other Act, they are authorised to borrow under Sub-section (1) of Section one of the War Loan Act, 1919."
§ Resolution agreed to.
§ Bill ordered to be brought in upon the said Resolution by the Chairman of Ways and Means, the Chancellor of the Exchequer, and Captain Crookshank.