Insurance Fund Act

Link to law: http://www.moj.gov.jm/laws/insurance-fund-act
Published: 1921-09-10

INSURANCE FUND

THE INSURANCE FUND ACT

[loth September. 1921.1

1. This Act may be cited as the Insurance Fund Act.

1

cap. 163.

Short title.

2. It shall be lawful for the Governor by Warrant Governor
authorized addressed to the Treasurer to direct the transference on or tOdireFt

before the thirty-first day of December, 1921, of a sum
of one hundred and fifty thousand pounds, or such other amounrr
sum as the kgislative Council may approve, to an account msurance
which shall be called “The Insurance Fund”, and, thereafter
on the thirtieth day of September, 1922, and on the same
date in each succeeding year, of a sum of ten thousand
pounds, or such other sum as the House of Representatives
may approve until the amount of the Insurance Fund is
two hundred thousand pounds.

!o an

3. I t shall be lawful for the Minister to direct the invest- hvcstrnent
ment of the whole, or any part of the Insurance Fund in padoffund.
any loan or public security approved for the investment of
public moneys, or the placing of the whole, or any part of
it on deposit at interest with any bank in which the public
moneys of the Government may be lawfully deposited, and
the interest on such investments shall be carried to the
credit of the fund, and shall be added to the fund and be
applied and dealt with as part of the fund, provided that
whenever the fund is in credit to the extent of four hundred
thousand dollars, it shall be lawful for the Minister to give
directions to the Accountant-General that the interest on
such moneys as may be invested, or part of such interest,
shall be camed to the credit of the Consolidated Fund.

of whole or

- me inclusion of this p g e is authorized by LN. 480/19731

2 INSURANCE FUND

PurDosesof 4. The Insurance Fund shall be devoted to making good
extraordinary expenditure incurred, or loss sustained by
the Government through the occurrence of any earthquake,
hurricane, drought, fire or other public calamity and all
appropriations from the Insurance Fund for such purposes
shall be made on the authority of a resolution of the
House of Representatives.

fund.

What is to 5. So soon as the Insurance Fund shall have reached the
inmse amount of four hundred thousand dollars, then if any
ordinary Of a ycxtra- extraordinary expenditure shall have been made our of the
expendhturc Insurance Fund as provided in the foregoing section, it
outofhnd. shall be lawful for the Minister by warrant addressed to

the Accountant-General to direct the transference from the
Consolidated Fund to the credit of the fund, on the
thirtieth day of September next ensuing of such sum not
exceeding twenty thousand dollars, or such sum as the
House of Representatives may approve, as may suffice to
make up the amount of the fund to four hundred thousand
dollars, and if the sum of twenty thousand dollars, or such
other sum as the House of Representatives may approve
shall not suffice for this purpose, then to direct the trans-
ference of such sum or sums as the House of Representa-
tives may approve on the same date in the next ensuing
year, and in each succeeding year, until the amount of the
Insurance Fund shall be again made up to four hundred
thousand dollars.

be done

being made

me inclusion of this page is authorized by L.N. 480/1973]
Read Entire Law on www.moj.gov.jm