Finance Act, 1989

Winding up of Savings Certificates Reserve Fund.

93.—The Minister may, by order, designate a date upon which the Savings Certificates Reserve Fund shall be wound up and upon that date—

(a) that Fund shall cease to exist,

(b) the balances remaining to the credit of the Principal Reserve Account and the Interest Reserve Account of that Fund shall be paid into the Capital Services Redemption Account and shall be applied towards defraying the principal and interest on the public debt, and

(c) section 34 of the Finance Act, 1929 , and section 17 of the Finance Act, 1943 , shall cease to have effect.