|
|
Treasury may enlarge the time for payment of the principal, and reduce the interest on existing and new loans.
|
16. Notwithstanding any thing in the said recited Act or in this Act contained, in any case in which any loan or advance for any purpose has already been or shall be made, under the provisions of the said recited Act and of this Act, or of either of them, to any body, company, or party, on any security whatever, to be repaid on any terms whatever, either as to principal or interest, it shall and may be lawful for the Treasury and they are hereby authorized at their discretion, notwithstanding the terms of any agreement which may have been made or shall hereafter be made as to such loan, to enlarge the time within or to increase the number of instalments in which such loan or any part thereof shall be required to be repaid, or to reduce the rate of interest which shall be payable on such loan or on any unpaid part thereof; and every such extension of time or reduction of the rate of interest, when made as aforesaid, shall be as valid and effectual as if the same had been part of the terms of such loan or advance, and as if all the securities entered into in relation to such loan had been entered into after such extension of time or reduction of interest had been made: . . .
|
