Local Loans Fund (Amendment) Act, 1937
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Amendment of section 16 of the Principal Act. |
4.—(1) The amounts which may be deducted under sub-section (1) of section 16 of the Principal Act from money payable to a local authority (in this sub-section referred to as the first-mentioned local authority) shall include the amount of any sum (including a sum consisting wholly or partly of penal interest) due and payable to the fund either— | |
(a) by a local authority the expenses of which are defrayed wholly or partly by or out of moneys provided by the first-mentioned local authority, or | ||
(b) in respect of a local loan the repayment of which is guaranteed by the first-mentioned local authority. | ||
(2) Amounts deducted by virtue of the foregoing sub-section shall, for the purposes of sub-section (2) of section 16 of the Principal Act, be deemed to be deducted under the said section 16 . |