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Power to recoup losses.
8 Edw. 7. c. 61.
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5.—(1) If it appears to the Local Government Board that the carrying out by a local authority of any scheme approved under section one of this Act or the carrying out of a rehousing scheme in connexion with a scheme made under Part I. or Part II. of the Act of 1890, including the acquisition, clearance, and development of land comprised in the last-mentioned scheme, and whether the rehousing will be effected on the area comprised in that scheme or elsewhere, has resulted or is likely to result in a loss, the Board shall, if the scheme is carried out within such period after the passing of this Act, as may be specified by the Board, with the consent of the Treasury, pay, or undertake to pay, to the local authority out of moneys provided by Parliament such part of the loss as may be determined to be so payable under regulations made by the Board, with the approval of the Treasury, subject to such conditions as may be prescribed by those regulations.
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(2) Where a loan is made by the Commissioners of Public Works in Ireland for the purpose of a scheme towards the losses on which the Local Government Board is liable to contribute under this section, the loan shall, notwithstanding anything in section fourteen of the Housing of the Working Classes (Ireland) Act, 1908 (in this Act referred to as the Act of 1908), be made on such terms and conditions as the Treasury may prescribe, and the sums liable to be paid or set apart by any local authority in respect of moneys borrowed by that authority for the purposes of any such scheme shall not be included in the annual housing charge of that authority within the meaning of section five of the Act of 1908.
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