Local Loans Fund (Amendment) Act, 1940
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Deductions in certain cases of moneys due to the fund. |
3.—(1) In this section— | |
the expression “penal interest” has the same meaning as it has in section 15 of the Principal Act; | ||
the word “sum” means a sum consisting of any one or more of the following, that is to say, principal, interest, and penal interest. | ||
(2) Where any sum is due and payable in relation to a local loan by any person other than a local authority, the amount of such sum may be deducted from any money payable to such person for any purpose whatsoever by any Minister of State, the Revenue Commissioners, the Commissioners of Public Works in Ireland, or the Irish Land Commission. | ||
(3) Every amount deducted under this section shall, if or so far as it is so deducted in respect of money owing otherwise than for penal interest, be paid into the fund and credited in the accounts of the fund as a payment by the person from whose money the said amount was so deducted, and shall, if or so far as it is so deducted in respect of money owing for penal interest, be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct. |