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Treasury agreements with and advances to railway companies.
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4.[1]
—(1) If the report of the Board of Works made upon the inquiry directed by the ninth section of the Tramways (Ireland) Act, 1860, as altered by this Act, shall have approved of the undertaking with or without any modification thereof, the Treasury may sanction such undertaking or any modification thereof of which they may approve and make an agreement with such promoters, being a public company, for the construction, maintenance, and working of the light railway, or any or either of the said matters, upon such terms and conditions in all respects as to the execution of the undertaking and any contracts to be made therefor, or as to any other matter relating to the undertaking as the Treasury shall think fit.
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(2) The Treasury may, subject to the limitations as to amount in this Act contained, agree that the undertaking may be aided out of public money either by a capital sum or by an annual payment, or partly in one way and partly in another.
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(3) The capital sum may be a free grant or a loan, or partly one and partly the other, but no loan shall be made to any company which owes arrears of principal or interest to the Treasury, or to any promoters whose agreement for construction, maintenance, or working is made with such a company.
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(5) Any such loan shall be made by the Board of Works, under the directions of the Treasury, out of moneys at the disposal of such Board for local loans, and shall be advanced on such conditions and at such rate of interest as the Treasury may direct.
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