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Variation of interest on and repayment of existing and future local loans.
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13.—(1) Notwithstanding anything contained in any other Act, it shall be lawful for the Minister to vary, by agreement with the person for the time being liable to defray the service of a local loan (whether made before or after the passing of this Act), all or any of the following things, that is to say, the rate of interest on and the method and period of repayment of such loan.
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(2) Every variation under this section of the rate of interest on or the method or period of repayment of a local loan shall be of such character and made in such manner as will, in the opinion of the Minister, ensure, so far as is practicable, that no loss will be occasioned thereby to the fund.
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