Light Railways (Ireland) Act, 1889

Limit of Treasury aid.

46 & 47 Vict. c. 43.

6.(1) The Treasury shall not undertake, in pursuance of this Act, to pay in the aggregate a sum exceeding [1 twenty-five] thousand pounds a year in addition to the residue, if any, for the time being remaining unappropriated of the sum of forty thousand pounds a year mentioned in the ninth section of the Tramways and Public Companies (Ireland) Act, 1883.

(2) Any aid given in pursuance of this Act by any capital sum or sums shall not exceed in the aggregate the sum of six hundred thousand pounds or such less sum as hereinafter mentioned.

(3) The annual amount which the Treasury are authorised to pay by virtue of this Act shall be reduced by an annual sum equal to three per cent. per annum on the amount of any aid given in pursuance of this Act by a capital sum, whether by a free grant or a loan.

(4) If the Treasury undertake to pay any annual sum or sums under the Tramways and Public Companies (Ireland) Act, 1883, and this Act in excess of forty-two thousand pounds a year, the amount of the aid which may be given under this Act by a capital sum shall be diminished by such sum as with interest at the rate of three per cent. per annum would produce the amount of such excess.

[1 Substituted for “twenty” by 56 & 57 Vict. c. 50, s. 1.]