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Local Loans Fund.
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33.—(1) On every advance issued (whether before or after the passing of this Act) under statutory authority to provide capital for the Local Loans Fund and for the time being outstanding, interest calculated with half-yearly rests shall be payable out of the Local Loans Fund to the exchequer as from the issue of such advance at such rate and at such times as the Minister for Finance shall from time to time direct.
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(2) On all moneys for the time being (whether before or after the passing of this Act) standing to the credit of the Local Loans Fund and operating for the benefit of the Exchequer, interest calculated with half-yearly rests shall be payable out of the Central Fund or the growing produce thereof to the Local Loans Fund, in respect of every period during which such moneys were so operating, at such rate and at such times as the Minister for Finance shall from time to time direct.
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(3) Where the Minister for Finance has power under this section to direct the rate at which any interest is payable, he may direct such interest to be paid at different rates in respect of different parts of the period in respect of which such interest is so payable.
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(4) Where the Minister for Finance directs interest to be paid under this section out of the Local Loans Fund and also directs interest to be paid under this section to the Local Loans Fund, the lesser amount of such interest shall be paid by being set-off (so far as it will extend) against the greater amount of such interest.
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