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Establishment of the local loans fund.
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3.—(1) On the appointed day the Minister shall establish and thereafter maintain under his control a fund (in this Act referred to as the fund) which shall be known as the local loans fund.
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(2) On the appointed day there shall be carried into the fund any unissued balance of moneys provided by the Oireachtas for local loans which is on that day in the hands of the Minister or of the Commissioners of Public Works in Ireland.
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(3) On and after the appointed day there shall be carried into the fund, in such manner as the Minister shall from time to time direct, every sum which is paid or is by law applicable in or towards the discharge of the principal or the interest of a local loan made at any time, whether before or after the passing of this Act or before or after the appointed day, other than a local loan made before the appointed day which was remitted or written off before that day.
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(4) Where a sum carried into the fund under the next preceding sub-section of this section is paid or applicable in or towards the discharge of any principal or interest which, at the time of such carrying, has already been made good out of the guarantee fund under the Land Purchase Acts either to the Exchequer before the appointed day or to the fund after the appointed day, the said sum so carried into the fund shall forthwith be paid out of the fund to the said guarantee fund.
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