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Commutation of annuities for railways under 52 & 53 Vict. c. 66., 53 & 54 Vict. c. 52., and 54 & 55 Vict. c. 2.
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4. Whereas by the Light Railways (Ireland) Act, 1889, and the Acts amending the same, the Treasury are authorised to pay for the purpose of light and other railways in Ireland annual sums not exceeding in the aggregate [1
twenty-five] thousand pounds a year in addition to the residue, if any, for the time being remaining unappropriated of the sum of forty thousand pounds a year, mentioned in the ninth section of the Tramways and Public Companies (Ireland) Act, 1883, and are also authorised to grant for the same purposes any capital sum or sums not exceeding in the aggregate six hundred thousand pounds, subject to a provision that in the event of any capital sum being so granted a proportional reduction shall be made in the amount of the annual sums so paid;
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(1) The amount of the aid which may be given under the said Acts by a capital sum or sums may be any amount not exceeding in the aggregate such sum as with interest at the rate of three per cent. per annum would produce a sum of [1
twenty-five] thousand pounds a year, in addition to the residue, if any, for the time being remaining unappropriated of the said sum of forty thousand pounds a year.
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(2) Where any part of the said capital sum or sums is required to be granted, and is not supplied out of money provided by Parliament, the National Debt Commissioners may, out of any funds for the time being in their hands on account of savings banks, lend to the Treasury, and the Treasury may borrow from the National Debt Commissioners, such money as may be required for the purpose of the grant, on such terms as to interest, sinking fund, and period of repayment (not exceeding ten years from the date of the loan) as may be agreed on between the National Debt Commissioners and the Treasury.
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