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The Financial Provisions (Northern Ireland) Order 1986

1986/2021 · Made 25 November 1986 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 1 January 2006.

25th November 1986

Contents

  1. Introductory
  2. 1Title and commencement
  3. 2Interpretation
  4. Abolition of certain funds
  5. 4Abolition of Exchequer Accrued Interest Fund
  6. 6Abolition of Reserve Fund
  7. 7Abolition of Terminable Revenues Sinking Fund
  8. Part
  9. 9Extension of power to overdraw account of Consolidated Fund
  10. 10Extension of power to invest Consolidated Fund moneys
  11. Schedule Schedule
  12. Schedule Schedule

Introductory

Art. 3 rep. by 1993 NI 5

1Title and commencement

(1)

This Order may be cited as the Financial Provisions (Northern Ireland) Order 1986.

(2)

Except as provided by paragraph (3), this Order shall come into operation on 31st March 1987.

(3)

This Article, Article 2, Article 8 and, so far as it relates to the repeal of provisions of the 1948 c. 4 (N.I.) Development of Tourist Traffic Act (Northern Ireland) 1948, the 1965 c. 12 (N.I.) Administrative and Financial Provisions Act (Northern Ireland) 1965 and the1976 NI 21 Financial Provisions (Northern Ireland) Order 1976, Article 11(2), shall come into operation on the expiration of two months from the day on which this Order is made.

2Interpretation

(1)

The 1954 c. 33 (N.I.) Interpretation Act (Northern Ireland) 1954 shall apply to Article 1 and the following provisions of this Order as it applies to a Measure of the Northern Ireland Assembly.

(2)

In this Order “the Act of 1950” means the 1950 c. 3 (N.I.) Exchequer and Financial Provisions Act (Northern Ireland) 1950.

Abolition of certain funds

Art. 5 rep. by 2004 NI 22

Art. 8 rep. by 1992 NI 3

4Abolition of Exchequer Accrued Interest Fund

(1)

The Exchequer Accrued Interest Fund shall cease to exist and all its assets and liabilities shall be transferred to the Consolidated Fund.

(2)

Section 17 of the Act of 1950 (which makes provision relating to the Exchequer Accrued Interest Fund) shall cease to have effect.

6Abolition of Reserve Fund

(1)

The Reserve Fund shall cease to exist and all its assets shall be transferred to the Consolidated Fund.

(2)

Section 21 of the Act of 1950 (which makes provision relating to the Reserve Fund) shall cease to have effect.

7Abolition of Terminable Revenues Sinking Fund

(1)

The Terminable Revenues Sinking Fund shall cease to exist and all its assets shall be transferred to the Consolidated Fund.

(2)

Section 27 of the Act of 1950 (which makes provision relating to the Terminable Revenues Sinking Fund) shall cease to have effect.

Article 11—Amendments and repeals

9Extension of power to overdraw account of Consolidated Fund

In section 14(1) of the Act of 1950 (power to overdraw the account of the Consolidated Fund but no such overdraft to remain outstanding beyond the last day of the month in which it is created), for the word “month” there shall be substituted the words “ financial year ”.

10Extension of power to invest Consolidated Fund moneys

In section 19(1) of the Act of 1950 (power to invest Consolidated Fund moneys in such securities as the Department of Finance and Personnel may determine), for the word “securities” there shall be substituted the word “ manner ”.

Schedule 1—Amendments

Schedule 2—Repeals