An Act to increase the limit on loans under section 35 of the Finance Act 1970, and to make temporary provision for grants in aid to Northern Ireland and for the laying before the House of Commons of certain accounts and reports.
[7th December 1972]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Section 35 of the [1970 c. 24.] Finance Act 1970 (loans to Northern Ireland) shall have effect as if in subsection (2) for the words from " is £50 million " to "not exceeding £50 million " (which refer to the initial limit and subsequent increases) there were substituted the words " is £350 million, but the Treasury may, on not more than one occasion, by order made by statutory instrument increase that limit by such sum not exceeding £100 million ".
While section 1 of the [1972 c. 22.] Northern Ireland (Temporary Provisions) Act 1972 is in force the Secretary of State may from time to time pay out of moneys provided by Parliament into the Exchequer of Northern Ireland such sums by way of grant as he may with the consent of the Treasury determine.
There shall be laid before the House of Commons of the Parliament of the United Kingdom copies of such of the accounts and reports required by section 10, 11, 19, 21 or 22 of the [1921 c. 2 (N.I.).] Exchequer and Audit Act (Northern Ireland) 1921 to be laid before (or presented or made to) the House of Commons of the Parliament of Northern Ireland as relate to a financial year ending after the coming into force of section 1 of the [1972 c. 22.] Northern Ireland (Temporary Provisions) Act 1972 and before the expiry of that section.
This Act may be cited as the Northern Ireland (Financial Provisions) Act 1972.