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Establishment of Local Loans Fund and payments of Local Loans thereto.
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7.—(1) There shall be established a Local Loans Fund under the control of the National Debt Commissioners, consisting of such securities and money and applicable to such purposes as are provided by this Act.
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(2) There shall be paid to the National Debt Commissioners in such manner as the Treasury from time to time direct, and carried to the Local Loans Fund, all sums paid or applicable in or towards the discharge of the principal or interest of any Local Loan granted either before or after the passing of this Act, or of any other sum due in respect of such loan, except as otherwise in the Second Schedule to this Act specified; but where any security for a loan is enforced by taking possession, sale, levy of a rate, or otherwise, the net receipts only shall be paid to the National Debt Commissioners in pursuance of this section.
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