Irish Reproductive Loan Fund Amendment Act, 1883

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Conditions of loan.

5. The exercise of the powers of borrowing conferred by this Act shall be subject to the following regulations:—

(1.) Money shall not be borrowed except for permanent objects of public utility (including under the expression any works of which the cost ought in the opinion of the Commissioners to be spread over a term of years):

(2.) The money may be borrowed for such time not exceeding thirty-five years as the Commissioners determine in each case, and subject as aforesaid the town commissioners shall repay the moneys so borrowed in such manner as the Commissioners, with the consent of the Treasury, may from time to time determine:

(3.) There shall be charged by way of interest in respect of loans such interest (if any) not exceeding two pounds ten shillings per centum as the Commissioners may from time to time determine:

(4.) No money shall be expended under this Act on any institution having for its object the reformation of criminals.