Miscellaneous Financial Provisions Act 1968
| Year | 1968 |
Miscellaneous FinancialProvisions Act 1968
1968 CHAPTER 75
An Act to provide for increasing the capital of the Civil Contingencies Fund; to provide for making payments to the Governments of Northern Ireland and the Isle of Man in respect of revenue from the continental shelf; and to enable the Industrial Reorganisation Corporation to borrow in currencies other than sterling.
[18th December 1968]
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:—
1 Increase in Civil Contingencies Fund.
1. In section 1(3) of the Miscellaneous Financial Provisions Act 1955(which limits the capital of the Civil Contingencies Fund, including the permanent capital of one million five hundred thousand pounds, to 75 million or such lower amount as the Treasury may by order direct) for the words ‘seventy-five million pounds’ there shall be substituted the words ‘125 million’.
2 Northern Ireland and Isle of Man shares of revenue from continental shelf.
(1) For any financial year in which the proceeds from petroleum licences granted for the continental shelf exceed the expenses of administration the Minister of Power shall out of moneys provided by Parliament make payments to the Government of Northern Ireland and the Government of the Isle of Man of amounts equal respectively to the Northern Ireland share and the Isle of Man share of the balance, calculated in accordance with the following provisions of this section.
(2) Where for any financial year the expenses of administration exceed those proceeds, both shall be carried forward and treated for the purposes of this section as expenses and proceeds of the following year.
(3) For the purposes of this section the Northern Ireland share and the Isle of Man share of the balance calculated for any financial year shall be taken respectively to be the amounts which bear to the whole of that balance the same proportion as the population of Northern Ireland or, as the case may be, the Isle of Man, bears to the total population of the United Kingdom and the Isle of Man, as determined by the last census taken before the end of the financial year under the Census Act 1920 or any...
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