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Loans to public utility societies.
38 & 39 Vict. c. 89.
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16.—(1) The purposes, referred to in subsection (1) of section sixty-seven of the Act of 1890, for which the Commissioners of Public Works in Ireland acting with the consent of the Treasury may advance money on loan, shall extend to the purchase of houses which may be made suitable as houses for the working classes and to the purchase and development of land by a public utility society.
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(2) Notwithstanding anything contained in the Public Works Loans Act, 1875, or any Act amending that Act, where a loan is made by the said Commissioners under section sixty-seven of the Act of 1890 to a public utility society for the purpose of carrying out a scheme for the provision of houses for the working classes approved by the Local Government Board:—
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(a) The maximum period for the repayment of the loan shall be fifty instead of forty years:
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(b) Money may be lent on the mortgage of an estate for a term of years absolute whereof a period not less than ten years in excess of the period fixed for the repayment of the sums advanced remains unexpired at the date of the loan:
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(c) In the case of loans made during such period after the passing of this Act as may be specified by the Board, with the consent of the Treasury, the money advanced on the security of a mortgage of any land or dwellings solely shall not exceed seventy-five per cent. of the purchase price of the land and of the cost of its development and of the houses proposed to be mortgaged as certified by the Local Government Board; but advances may be made by instalments in respect of the purchase money of the land to be acquired, and the cost of its development, and in respect of the building of any house or houses on the land mortgaged as such building progresses, so that the total of the advances do not at any time exceed the amount aforesaid; and a mortgage may accordingly be made to secure advances so to be made from time to time.
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